Carrier Global Corporation
Carrier Global Enters Settlement Agreement for AFFF Claims
Summary
On October 18, 2024, Carrier Global Corporation entered into a Settlement and Plan Support Agreement (PSA) with KFI Wind-Down Corp., the Official Committee of Unsecured Creditors, and the co-leads of the Plaintiffs' Executive Committee in the AFFF multi-district litigation. The PSA resolves current and future claims related to KFI's manufacture and sale of AFFF. Carrier will pay $615 million in cash, contribute the net sale proceeds from KFI's assets, and recover proceeds from certain insurance policies. The settlements are subject to approval by the Bankruptcy Court and the MDL Court.
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About Carrier Global Corporation
Carrier Global Corporation is a leading provider of heating, ventilating, and air conditioning (HVAC), refrigeration, and fire and security solutions on a global scale. Its primary function revolves around creating a comfortable, safe, and sustainable environment by delivering high-technology HVAC and refrigeration solutions. Originating from the historic invention of the modern air conditioner in 1902, Carrier has continued to be at the forefront of HVAC innovation. The company’s offerings are vital across various sectors, impacting residential, commercial, industrial, and transportation markets by ensuring energy-efficient, reliable climate control systems. Carrier Global Corporation also emphasizes smart and hands-off security solutions, offering products that integrate advanced technologies to protect businesses and homes. In the financial market, Carrier holds a significant position as a part of the S&P 500 index, denoting its substantial market capitalization and influence. Through its continuous commitment to innovation and sustainability, Carrier Global Corporation remains a pivotal entity in addressing global environmental challenges and energy efficiency needs.
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