Geraud Darnis, president of Carrier.

The approval is a key requirement for completion of the agreement reached on March 15, 2004. The company anticipates the pending legal procedures to result in approval as well.

"With this regulatory approval, we expect closing the transaction within the next three months," said Geraud Darnis, president of Carrier. "Refrigeration is a core business at Carrier and this acquisition will be a synergistic fit to our existing operation. The Carrier/Linde combination will allow us to provide a more comprehensive range of products and services."

Under the agreement, Carrier will acquire Linde Refrigeration for approximately $390 million, which includes estimated debt upon closing. Linde Refrigeration employs 6,300 people with annual sales of approximately $1 billion.

Publication date: 07/19/2004