Carrier Sells Interest In Philippines Firm

FARMINGTON, Conn. (AP) — Carrier Corp., a heating, ventilating and air conditioning manufacturer, said Tuesday it has sold a controlling interest in a Philippines company.

Terms of the deal were not disclosed.

Carrier, a subsidiary of United Technologies Corp., sold its interest in Concepcion Carrier Air Conditioning to its joint venture partner, Concepcion Industries Inc.

Concepcion Carrier Air Conditioning will continue to distribute Carrier commercial products in the Philippines.

Geraud Darnis, president of Carrier, said the deal "marks another step on our path to a simpler and more focused portfolio."

Last week, the Farmington, Conn., company announced it agreed to sell its Israeli residential air conditioning subsidiary.

Carrier was among the first United Technologies businesses to feel the impact of the recession as the downturn in the housing market hit the company in 2007. More recently, its refrigerated transportation container business has suffered due to falling orders by the weak shipping industry.

For the nine months of the year, operating profit at Carrier plunged 49 percent to $594 million from the same period in 2008.

Shares of United Technologies edged down 3 cents to $64.80 in morning trading.