Carrier Global Corp. Signs Material Definitive Agreement

TL;DR

Carrier Global just signed a big deal, details TBD.

AI Summary

Carrier Global Corp. entered into a material definitive agreement on October 18, 2024. The filing does not disclose specific details of the agreement, such as the counterparty or financial terms, but indicates it is a significant event for the company.

Why It Matters

This filing indicates a significant new contract or partnership for Carrier Global Corp., which could impact its future revenue and strategic direction.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and implications of the agreement.

Key Players & Entities

• CARRIER GLOBAL Corp (company) — Filer
• 0000950142-24-002601 (document_id) — Accession Number
• 20241018 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock ($0.01 par value) CARR New York Stock Exch
• $615 million — Proposed Settlements, Carrier will pay $615 million in cash payable over five (5) years, 10
• $115 m — KFI's assets, which are estimated to be $115 million, and contribute the right to reco
• $2.4 billion — rrier will be entitled to receive up to $2.4 billion of proceeds from such insurance policie
• $125 million — policies and will contribute the first $125 million of such proceeds as additional consider

Filing Documents

• eh240546642_8k.htm (8-K) — 40KB
• 0000950142-24-002601.txt ( ) — 263KB
• carr-20241018.xsd (EX-101.SCH) — 4KB
• carr-20241018_def.xml (EX-101.DEF) — 27KB
• carr-20241018_lab.xml (EX-101.LAB) — 37KB
• carr-20241018_pre.xml (EX-101.PRE) — 25KB
• eh240546642_8k_htm.xml (XML) — 7KB

01

Item 1.01. Entry into a Material Definitive Agreement. On October 18, 2024, Carrier Global Corporation, on behalf of itself and certain of its affiliates ("Carrier"), entered into a Settlement and Plan Support Agreement (the "PSA") with KFI Wind-Down Corp. (f/k/a Kidde-Fenwal, Inc.) ("KFI"), the Official Committee of Unsecured Creditors appointed in KFI's bankruptcy case (the "Committee"), and the co-leads of the Plaintiffs' Executive Committee (the "MDL PEC Co-Leads") appointed in the aqueous film-forming foam ("AFFF") multi-district litigation pending in the U.S. District Court for the District of South Carolina (the "MDL Court"). KFI was a separate legal entity of United Technologies Corporation ("UTC") that was spun-off with Carrier as part of Carrier's separation from UTC in April 2020. KFI previously owned and operated a business that manufactured and sold AFFF. KFI was indirectly owned by UTC from 2005 to 2013. In May 2023, KFI filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware ("Bankruptcy Court"). Pacific Avenue Capital Partners acquired substantially all of KFI's assets in July 2024. The PSA provides that Carrier will enter into three distinct settlement agreements (the "Proposed Settlements") with KFI, the Committee, and the MDL PEC Co-Leads. Neither the PSA nor the Proposed Settlements constitute an admission of liability or wrongdoing by Carrier. The first of the Proposed Settlements relates to estate claims (the "Estate Claims Settlement"). Estate claims include all current and future claims that Carrier is responsible for liabilities arising from KFI's manufacture or sale of AFFF. Upon Bankruptcy Court approval, the Estate Claims Settlement will permanently resolve all present and future claims that Carrier is responsible for any liabilities of KFI, including all liabilities arising from KFI's manufacture and sale of AFFF. The second and third of the Proposed Settlements release a very substanti

View Full Filing

View this 8-K filing on SEC EDGAR