Germany's Viessmann Group is selling its heat pump business, viewed as a key technology for the transition away from fossil fuel heating, to Florida-based Carrier Global Corp. as part of a 12 billion-euro ($13.2 billion) deal.
The sale of Viessmann's “climate solutions” business, announced by both companies late Tuesday, comes as Germany is putting into place plans to phase out gas and oil heating systems in favor of climate-friendly alternatives. Heat pumps, which use electricity and ambient air or groundwater, are considered far more efficient than traditional combustion furnaces.
