Carrier Acquires Noresco to Expand Energy Solutions Capabilities
23rd November, 2008
Carrier Corp., the world's largest provider of heating, ventilation, air-conditioning and refrigeration solutions, and a unit of United Technologies Corp. (NYSE: UTX), has acquired Noresco, a leading independent energy services company. The acquisition was completed on Nov. 20. Terms of the deal were not disclosed.
Established in 1984, Noresco has implemented thousands of efficiency and infrastructure upgrade projects that reduced energy and water consumption and lowered operating expenses for a wide range of customers including federal, state, and municipal agencies; educational institutions; hospitals; utilities; and commercial and industrial facilities. Noresco is headquartered in Westborough, Mass., and has 20 offices in the U.S.
"Noresco complements the depth and breadth of Carrier's portfolio and is an integral part of our strategy to offer sustainable, comprehensive, end-to-end building solutions," said Kelly Romano, president, Carrier Building Systems and Services. "We are able to offer our customers sustainable products, services and solutions that lower total cost of ownership and deliver high performance buildings." The acquisition of Noresco adds to Carrier's commitment to environmental leadership and further reinforces why Carrier is the only air-conditioning systems manufacturer to be named an Environmental Protection Agency Climate Leader.
"Carrier greatly admires Noresco," said Erv Lauterbach, president, Carrier Building Systems and Services North America Field Operations. "As a founding company in the energy solutions sector with strong customer relationships, we are pleased to have the employees of Noresco become part of the Carrier team, and look forward to serving customers with a more comprehensive solutions offering."
Neil Petchers, president and CEO, Noresco, said, "Carrier's acquisition of Noresco will allow us to expand our customer base as well as deliver increased value to our customers."
Heating - Air-condition - Refrigeration