Overview Key strengths Key risks Good market shares in residential and commercial heating, ventilation, air conditioning, and refrigeration (HVAC/R) markets, including heat pump and transport refrigeration markets. Sizeable exposure to global residential markets, which can be cyclical. Large global installed base benefits from a relatively stable replacement cycle given the nondiscretionary nature of HVAC/R products. Execution risks related to the announced divestitures of its non-HVAC/R business segments and the integration of Viessmann. Good and increasing exposure to stable, high-margin aftermarket revenues as the company continues to increase digital connectedness penetration. Competitive end markets. Potential to pursue additional large, debt-funded acquisitions. Carrier?s significant portfolio transformation efforts to become a more focused climate-control business are nearly complete. The company closed on the
