EC Approves Carrier's Acquisition of Linde Refrigeration.FARMINGTON, Conn. -- Carrier Corporation, a division of United Technologies Corporation (NYSE NYSE See: New York Stock Exchange : UTX UTX United Technologies Corporation (stock abbreviation, AMEX) UTX Unreal Texture (a texture pack for Unreal-engine games) UTX Unit Training Exercise UTX Under Track Crossing ), today announced that the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community in Brussels has approved the company's intended acquisition of Linde Refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. , a division of Linde AG. The approval is a key requirement for completion of the agreement reached on March 15, 2004. The company anticipates the still pending legal procedures to result in approval as well. "With this regulatory approval, we expect closing the transaction within the next three months," said Geraud Darnis, president of Carrier Corporation. "Refrigeration is a core business at Carrier and this acquisition will be a synergistic fit to our existing operation. The Carrier/Linde combination will allow us to provide a more comprehensive range of products and services," he added. "Building on our complementary geographical footprints and product portfolios, we will be able to better satisfy the requirements of global customers with products tailored to regional needs." Under the agreement, Carrier will acquire Linde Refrigeration for approximately $390 million (or approx. 325 million euros) including estimated debt upon closing. Linde Refrigeration employs 6,300 people and is a leader in European commercial refrigeration with annual sales of approximately $1 billion (866 million euros, including the German dry shelving business with sales of 28 million euros, which is not part of this transaction). It is headquartered in Cologne, Germany, and has manufacturing facilities in Europe, Asia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Products include refrigerated re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. display cases and subsystems, and industrial and commercial refrigeration systems. Carrier Corporation, headquartered in Farmington, Connecticut, is the world's largest manufacturer of heating, air conditioning and refrigeration systems and equipment, with operations in 172 countries. It is part of United Technologies, a Hartford, Connecticut-based provider of a broad range of high-technology products and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the aerospace and building systems industries. |
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