Carrier Global Corp. (NYSE: CARR) has agreed to sell its Industrial Fire business, which includes brands Det-Tronics, Marioff, Autronica and Fireye, to Sentinel Capital Partners for an enterprise value of $1.43 billion.

The transaction represents the latest step in Carrier's ongoing portfolio transformation, following the recent acquisition of Viessmann Climate Solutions and the recently announced agreements to sell Carrier's Global Access Solutions business to Honeywell for nearly $5 billion and its Commercial Refrigeration business to Haier for $775 million.

Carrier said it continues to prepare for the last of its four announced business exits — its combined commercial and residential fire businesses.

With approximately 1,400 employees operating in more than 20 countries, Carrier's Industrial Fire business is a global provider in fire detection and suppression solutions for high-hazard applications across verticals such as critical infrastructure, oil and gas, marine and clean energy.

The pending sale will allow the business to build on the strength of its advanced lifecycle solutions, strong customer relationships and high growth potential across key segments, according to the announcement.

“This transaction marks another milestone in our transformation as we become a more focused, higher growth company, and furthers our vision to become the global leader in intelligent climate and energy solutions,” said Carrier Chairman & CEO David Gitlin.

Carrier expects net proceeds from the transaction to exceed $1.1 billion and intends to use the proceeds to pay down debt. Closing is expected in the third quarter of 2024 and is subject to regulatory approvals and customary closing conditions.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisor to Carrier. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP are providing external legal counsel.