Report: UTC puts sale of Chubb business on hold

Jan. 11, 2019
Bids for unit reportedly came in below what company was asking for

According to a story first reported by Bloomberg this week, UTC has decided to hold off on selling its Chubb Field Services business for now due to “recent market volatility.”

UTC Chairman and CEO Greg Hayes confirmed that the company was exploring the possibility of divesting the business, which it included the firm’s fire and electronic security installation, service and monitoring capabilities, following the announcement in late November that UTC would be separating into three independent companies.

“The focus of Carrier going forward is going to be on products and services, not on installation in the field. As we think about the portfolio, if we choose to divest of the (fire and security) field business, it will be to give us a better focus going forward on our products and services portfolio,” Hayes said on a conference call with investors following the announcement of the split. “We like the fire products, we like the security products, the refrigeration and the transport piece – all of those other pieces of Carrier beyond just commercial and residential HVAC.”

According to Bloomberg, the sale of Chubb stalled after the bids of prospective buyers, which reportedly included Apax Partners, PAI Partners and Eurazeo SE, came in below the $3 billion UTC was said to be seeking for it.