Carrier Corporation Completes Acquisition of International Comfort Products Corporation

Business Wire, August 13, 1999

FARMINGTON, Conn.--(BUSINESS WIRE)--Aug. 13, 1999--

Carrier Corporation, a wholly owned subsidiary of United Technologies Corporation (NYSE:UTX), today announced it has completed the acquisition of International Comfort Products Corporation (ICP) (AMEX:ICP), headquartered in Nashville, Tenn.

"We are very pleased that we have finalized this acquisition," said John R. Lord, president of Carrier Corporation. "It is an exciting opportunity for Carrier to offer complementary products and brands and to serve a new customer base. Our goal now will be to begin immediately the integration of the two companies to become more efficient in serving customers. This goal will be accomplished in a manner that will allow ICP to retain its current sales infrastructure, distribution and dealer networks, and brands."

ICP manufactures and markets central air conditioning and heat pump systems, gas and oil furnaces, air handlers and component parts and accessories. ICP's products are marketed under the Heil, Tempstar, Arcoaire, Comfortmaker, Airquest, KeepRite, Lincoln, Dettson, and Clare brand names. Its worldwide sales for 1998 were $733.5 million.

Carrier, with 1998 worldwide sales of $6.9 billion, manufactures and markets heating, ventilating, air conditioning and refrigeration systems and equipment.

Carrier Corporation is a subsidiary of United Technologies Corporation, a provider of a broad range of high technology products and support services to the aerospace and building systems industries.