Carrier Global's Automated Logic Acquires Controls Contractor ICSI For Undisclosed Sum

• Automated Logic Contracting Services Inc, a part of Carrier Global Corp (NYSE:CARR), has acquired the business of Integrated Control Systems Inc (ICSI), an independent controls contractor with offices in Arizona, Colorado and New Mexico. Deal terms were not disclosed.
• ICSI, which became an Automated Logic dealer in 1996, is a total solutions provider of automated building controls for a wide range of customer segments.
• "This strategic acquisition enables growth through expansion into new geographies, growing services and creating recurring sales opportunity," commented Meredith Emmerich, VP, North America Commercial HVAC, Carrier.
• Carrier Global held cash and equivalents of $2.7 billion as of September 30, 2021.
• Recently, Barclays analyst Julian Mitchell raised the price target to $65 (an upside of 23%) from $62 and maintained an Overweight on the shares.
• Price Action: CARR shares are trading lower by 2.19% at $52.64 on the last check Wednesday.