Carrier Global Discloses Subsidiary Serviced Iranian Embassy After $12.9 Billion Acquisition
American HVAC firm Carrier Global disclosed in an SEC filing that its German subsidiary Viessmann, acquired for roughly 12 billion euros in January 2024, provided heating maintenance services to the Iranian embassy in Austria on two occasions after the acquisition closed. The transactions generated about $1,600 in revenue and $500 in profit, stemming from a pre-acquisition contract. Carrier stated Viessmann will not engage in future transactions with the embassy. The disclosure is required under the Securities Exchange Act for any transactions with sanctioned entities, regardless of size. Carrier's stock fell nearly 9% to $63.11 on the news, despite the company raising its full-year earnings outlook. The incident highlights compliance challenges in large-scale acquisitions.
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