Carrier Corporation to Acquire Automated Logic Corporation, Technology Leader in Commercial Controls.

Business Editors

FARMINGTON, Conn.--(BUSINESS WIRE)--April 23, 2004

Carrier Corporation, a subsidiary of United Technologies Corporation (NYSE:UTX), has reached a definitive agreement to acquire Automated Logic Corporation, a technology leader in building automation systems. Terms of the deal were not disclosed. The transaction is subject to regulatory approvals.

Carrier, a world leader in commercial and residential heating, ventilation and air conditioning, will significantly broaden its commercial controls offering with the acquisition of Automated Logic.

Founded in 1977, Automated Logic designs and manufactures innovative building automation and control systems primarily for heating, ventilation, air conditioning and energy management applications. Automated Logic distributes and installs commercial systems through a network of independent dealers.

"Automated Logic's leading controls technology enhances Carrier's current electronics controls business, said Ken Fox, vice president and general manager of Carrier Electronics.

"With the continued growth and acceptance of open standards, commercial customers are asking for connectivity within and among different building systems, enabling centralized monitoring, lower operating costs and vendor flexibility," Fox continued.

"Carrier and Automated Logic are a good match, with shared commitments to innovation, quality, and customer care," said Gerry Hull, chief executive officer of Automated Logic. "Automated Logic provides Carrier state-of-the-art technology, a strong management team and a platform for growth in the building controls industry."

Automated Logic and its subsidiaries will continue operating under their current names, and its headquarters will remain in Kennesaw, Georgia. Carrier and Automated Logic brands will be positioned for growth through the combined and coordinated activities of the two companies' expanded network across North America and around the world.

Automated Logic systems are installed in commercial office buildings, educational facilities, industrial plants, critical data facilities, healthcare facilities, government complexes, hospitality/entertainment venues and retail locations worldwide. Their clients range from small, family-owned businesses to large Fortune 500 companies.

Carrier Corporation is the world's largest manufacturer of heating, air conditioning and refrigeration systems and equipment. It is a subsidiary of United Technologies Corporation (NYSE:UTX), provider of a broad range of high-technology products and support services to the aerospace and building systems industries.