HARTFORD, Conn. - United Technologies Corp. announced that its Carrier subsidiary has reached a definitive agreement to acquire Linde AG's Refrigeration Division for approximately $305 million, including estimated debt on closing. In addition, Carrier agreed to assume approximately $85 million of pension and related obligations. The transaction is subject to regulatory approvals.

According to Carrier, the Refrigeration Division employs 6,300 people. It is headquartered in Cologne, Germany, and has manufacturing facilities in Europe, Asia, and South America. Products include refrigerated display cases and subsystems, and industrial and commercial refrigeration systems.

"The combined entity created by Carrier's acquisition of Linde's Refrigeration business will provide customers around the world a wider portfolio of high-quality, technologically advanced commercial refrigeration choices," said Geraud Darnis, president of Carrier Corp. "The two companies balance each other well geographically, in product and service ranges, and in shared focus on environmentally sensitive technologies."