Carrier Global Corp has completed the sale of its Chubb fire and security business to APi Group Corp for $US3.1 billion.

“The sale of Chubb enhances the growth, margin and free cash flow profile of Carrier,” said Carrier chairman & CEO, Dave Gitlin.

“We will continue to drive growth in our core business and play offense on capital deployment, including evaluating inorganic opportunities to complement our existing portfolio, share repurchase and the 25 per cent increase in our dividend announced in December 2021.”

Carrier’s global fire and security products business is not included in this transaction with APi Group and remains a part of the portfolio and the company’s healthy, safe, sustainable and intelligent building strategy.

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