Heating and ventilation solutions provider Carrier Global Corporation ( CARR ) entered into a definitive agreement on Tuesday to sell its Industrial Fire business to Sentinel Capital Partners for an enterprise value of $1.425 billion. 

Carrier’s Industrial Fire business has about 1,400 employees operating in more than 20 countries, providing fire detection and suppression solutions for high-hazard applications across verticals.

The move represents the latest step in Carrier’s ongoing portfolio transformation.

The latest move follows Carrier's recent acquisition of Viessmann Climate Solutions and the agreements to sell its Global Access Solutions business for $5 billion and its Commercial Refrigeration business for $775 million.

Related: Honeywell Buys Carrier’s Security Business for Nearly $5B, Boosting Automation Portfolio

“This transaction marks another milestone in our transformation as we become a more focused, higher growth company, and furthers our vision to become the global leader in intelligent climate and energy solutions,” said Carrier Chairman & CEO David Gitlin.

Carrier intends to use the proceeds to pay down debt, and the transaction is expected to be closed in the third quarter of 2024.

Carrier held $10 billion in cash and equivalents as of December 31, 2023.

Price Action: CARR shares are trading lower by 0.09% at $57.10 in premarket on the last check Tuesday.