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By Nikki Cabus

Palm Beach County-based Carrier named a TIME World’s Best Company

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Carrier has been named to TIME’s inaugural World’s Best Companies 2023 list.
For the first time ever, TIME partnered with data and business intelligence platform Statista to rank the biggest tech companies around the world doing best for investors, employees, and the planet. TIME is recognizing the top performing companies globally based on employee satisfaction, revenue growth and sustainability.

“Being named to TIME’s World’s Best Companies list in its first year is a testament to Carrier’s exceptional employees and their commitment to delivering innovative, intelligent climate and energy solutions for our global customers,” said Carrier Chairman & CEO David Gitlin.

“Long-term secular trends are transforming our industry, and we are leaning in as an industry leader uniquely positioned to solve our customers’ most important challenges. The result has been a galvanized workforce focused on a compelling mission, a supportive customer base eager for solutions, and a positive impact on our planet for generations to come.”
The World’s Best Companies 2023 is a research project and comprehensive analysis conducted to identify the top 750 performing companies across the globe. The study was based on three primary dimensions: Employee Satisfaction, Revenue Growth, and Sustainability (ESG) and tapped into areas such as the company’s image, atmosphere, working conditions, salary and equality. Companies that demonstrated positive revenue growth from 2020 to 2022 were considered, and multiple key performance indicators such as sustainable solutions, people and communities were incorporated.
  • Employee Satisfaction was evaluated through global surveys involving approximately 150,000 participants from 58 countries. The assessment included both direct and indirect employer evaluations by verified employees.
  • Revenue Growth was assessed using Statista’s database. To qualify, companies needed to generate a minimum of US $100 million in 2022 and demonstrate positive growth from 2020 to 2022. Both relative and absolute growth metrics were considered.
  • Sustainability was evaluated using ESG data from Statista’s database and targeted research. Multiple Key Performance Indicators were used to create a comprehensive ESG index. These included carbon emissions intensity and reduction rate, Carbon Disclosure Project (CDP) rating, board gender diversity, existence of a human rights policy, and adherence to Global Reporting Initiative (GRI) guidelines.

As Carrier expands its portfolio of intelligent climate and energy solutions, it is accelerating the shift toward electrification, more connected technologies and environmentally responsible refrigerants. Carrier’s recently announced portfolio transformation with the acquisition of Viessmann Climate Solutions will position the company to better help customers reduce their carbon footprint and meet their sustainability goals by improving energy efficiency in buildings, in homes and across the cold chain.

Headquartered in Palm Beach Gardens, Carrier is a global leader in building and cold chain solutions innovating to address the needs of people and our planet. The company promotes the health and safety of indoor spaces where people live, work, learn and play, and help preserve, protect and extend the supply of food and medicine across the globe. Carrier is taking action to address climate change with our partners and customers.

To learn more about Carrier, visit www.corporate.carrier.com.

By Nikki Cabus

World Fuel Services changes name to World Kinect; reflects company’s ongoing transformation into a diversified energy and solutions provider

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World Fuel Services Corporation announced it has changed its corporate name to World Kinect Corporation.

The Company’s shareholders approved the name change during a June 15th Annual Meeting. The Miami-based company began trading under its new name and ticker symbol (NYSE: WKC) on June 16, 2023.

This change is intended to better reflect the Company’s ongoing transformation into a more resilient, diversified energy and solutions provider. As the energy transition unfolds, this name change reflects the company’s commitment to continue evolving alongside their customers. World Connect has vowed to support their customers core energy requirements, while also meeting their growing energy transition needs with an expanding portfolio of products and services, empowering them to navigate their sustainability journeys most successfully.

Headquartered in Miami, Florida, World Kinect Corporation is a leading global energy management company, offering a broad suite of energy advisory, management and fulfillment services, digital and other technology solutions, as well as sustainability products and services across the energy product spectrum.

In addition to core energy offerings to customers in the transportation sector, World Kinect has expanded their product and service offerings to include energy advisory services, sustainability and renewable energy solutions, as well as supply fulfillment for natural gas and power. The company continues to focus on advancing the energy transition to lower carbon alternatives through expanding their portfolio of energy solutions and providing customers with greater access to sustainably sourced energy.

“For nearly 40 years we have been dedicated to providing a comprehensive and reliable supply of energy, logistics and finance solutions for aviation, marine and land-based customers worldwide,” said Michael J. Kasbar, Chairman and Chief Executive Officer.

“Through our relationships with more than 150,000 customers globally, we are uniquely positioned to understand their operational requirements and provide innovative products, services and digital solutions to meet their evolving needs. Our new name, World Kinect, represents our role as a bridge, connecting our customers to the resources, expertise and support they need to successfully navigate their energy transition journeys.”

Company executives will ring the New York Stock Exchange closing bell today to celebrate this occasion. The Company will discuss this name change and broader corporate strategy at a forthcoming Investor Day event. Further details will be provided shortly.

New name and a new ticker symbol — hear what World Kinect Corporation CEO Michael Kasbar has to say about this next step in the company’s journey and what he’s focused on for the future. See below.

By Nikki Cabus

Carrier Announces portfolio transformation including acquisition of Viessmann Climate Solutions

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Carrier Global Corporation (NYSE: CARR) announced strategic actions that will transform the Company’s business portfolio and establish Carrier as a pure-play, global leader in intelligent climate and energy solutions.

Carrier will acquire Viessmann Climate Solutions, the largest segment of Viessmann Group, in a cash and stock transaction valued at €12 billion, subject to working capital and other adjustments. The value represents approximately 13X synergized projected 2023 EBITDA. A privately held company with a 106-year legacy of innovation, Viessmann Climate Solutions provides Carrier with an iconic, premium brand in the highest growth segment of the global heat pump and energy transition markets. In addition, Carrier announced plans to exit its Fire & Security and Commercial Refrigeration cabinet businesses.

“The acquisition of Viessmann Climate Solutions is a game-changing opportunity,” said Carrier Chairman & CEO David Gitlin.

“Climate change, sustainability requirements and geopolitical factors are driving an unprecedented energy transition in Europe. Accelerated by government regulations and incentives, the transition creates a significant, long-term growth opportunity. Viessmann Climate Solutions is uniquely positioned to capitalize on this opportunity with its premier brand, highly differentiated distribution channel and innovative product offerings.”

Gitlin continued, “With 70% of its business consisting of heat pumps and related accessories, solar PV, batteries and services, Viessmann Climate Solutions is a critical leader in Europe’s energy transition. We look forward to welcoming its 11,000 team members to the Carrier family and Max Viessmann, CEO of Viessmann to the Carrier Board of Directors at closing, which is expected around the end of 2023.”

“The Viessmann Climate Solutions acquisition and planned exit of Fire & Security and Commercial Refrigeration will further simplify our business portfolio and accelerate our strategy to establish Carrier as the global leader in intelligent climate and energy solutions,” continued Gitlin. “Recent strategic actions, including the Toshiba Carrier Corporation acquisition and the sale of Chubb, have aligned our company with the most significant megatrends impacting the heating and cooling industry, including managing climate change and delivering on net zero emissions targets. While Fire & Security and Commercial Refrigeration are great businesses with incredible, customer-focused teams, the planned exits sharpen the strategic focus Carrier has gained through its 2020 spin-off from United Technologies. With Viessmann Climate Solutions, we are positioning ourselves to be the global climate solutions champion, poised to deliver higher growth and superior shareowner value.”

Max Viessmann, CEO of Viessmann, said, “Our purpose is to create living spaces for generations to come. Carrier’s global reach, broad product portfolio, financial strength and shared commitment to sustainability will enable our Climate Solutions business to fully capitalize on our innovative, integrated solution offering and maximize our impact on Europe’s independent energy transition.”

“Following the closing of the transaction, the Viessmann Group will remain committed as a significant, long-term shareowner of Carrier, reflecting our family’s high confidence in the superior value to be created by this combination. Joining Carrier’s Board of Directors will enable me to work directly with Dave, my fellow directors and the Carrier team to realize the substantial potential of the combination of two iconic and market-leading companies.”

 

Strategic Benefits

  • Positions Carrier to lead in the rapid climate and energy transition in Europe, which is driving sustainable market growth. Geopolitical dynamics and the push for energy independence are driving European governments to promote and prioritize renewable and electric solutions for heating and cooling, which comprise approximately half of Europe’s residential energy requirements. European governments are actively promoting heat pumps and renewable solutions to address these challenges and have implemented a number of related regulations and incentive programs that are expected to result in a significant growth opportunity for key climate solutions. The $5 billion European heat pump segment, in which Viessmann Climate Solutions specializes, is expected to triple in size to $15 billion by 2027.
  • Adds the premier asset in the European climate transition market to Carrier’s portfolio with a proven track record and confidence of high, sustained growth. As the premier European climate solutions manufacturer, Viessmann’s iconic global brand commands premium pricing. Viessmann Climate Solutions also benefits from unique customer access with a direct-to-installer model that includes more than 75,000 installers in 25 countries. These differentiators, combined with its innovative product offerings, have resulted in a superior growth track record and profile. Sales and EBITDA* have grown over 15% on a compounded annual growth rate basis since 2020, with double-digit growth expected to continue through 2030. 2023 forecasted EBITDA* is approximately €0.7 billion on approximately €4 billion of sales.
  • Provides new capabilities that expand Carrier’s comprehensive renewable offerings and strengthen Carrier’s differentiated, digitally enabled lifecycle solutions. In addition to proprietary heat pump technology, Viessmann Climate Solutions offers renewable energy capabilities and home battery storage, as well as smart home system controls and applications that can all be integrated to drive energy efficiency, reliability and convenience. Viessmann Climate Solutions also has extensive digital offerings that expand Carrier’s subscription and aftermarket offerings. The combination creates the industry’s most comprehensive and differentiated suite of sustainable technologies and services, which Carrier plans to scale globally.
  • Transforms Carrier into a simpler, pure-play global leader in intelligent climate and energy solutions. The Viessmann Climate Solutions acquisition accelerates Carrier’s transformation into a global leader of intelligent climate and energy transition solutions. Viessmann Climate Solutions’ leadership position in Europe coupled with Toshiba and Giwee’s leadership positions in Asia and Carrier’s in the Americas provides the company with established leadership positions in all attractive segments in all major geographies. The planned exits from the Fire & Security and Commercial Refrigeration businesses will reduce operational complexity and sharpen focus. The outcome will be a Carrier with market-leading positions globally with a higher growth profile.

Viessmann Climate Solutions Transaction Details and Financial Benefits

Under the terms of the agreement, subject to working capital and other adjustments, Carrier will acquire Viessmann Climate Solutions for €12 billion, of which 80% will be in cash and 20% in Carrier common stock delivered to Viessmann Family Holdings.

Reflecting their confidence in Carrier’s growth and value creation, the Viessmann family has agreed to certain long-term lock-up provisions with respect to its equity ownership of Carrier common stock. Max Viessmann will join Carrier’s Board of Directors.

Carrier expects to fund the cash portion of the consideration through a combination of cash on hand and newly committed financing.

Carrier expects to maintain its investment grade credit rating at the close of the Viessmann Climate Solutions acquisition and return to its pre-transaction leverage profile within approximately two years. It also expects to resume share repurchases upon reaching its current leverage. The Company remains committed to a growing and sustainable dividend.

Financial benefits of the acquisition include:

  • Enhanced top-line and EBITDA* growth. The acquisition significantly enhances Carrier’s growth profile given Viessmann Climate Solutions’ expected continued double-digit sales growth. As a result, Carrier expects this acquisition to add more than 100 basis points to the Company’s revenue growth profile.
  • Acquisition accretive to adjusted EPS* by year two. The acquisition is expected to be modestly dilutive in 2024 to adjusted EPS*, accretive in 2025 and increasingly accretive thereafter. Free cash flow* yield is expected to be high-single-digits in year five.
  • Increases aftermarket and recurring revenue growth profile. Viessmann Climate Solutions has a large installed base serviced by more than 1,300 service and support personnel, which is projected to drive double-digit aftermarket growth. In addition to over 90,000 maintenance contracts, including subscription models, Viessmann Climate Solutions’ ViCare digital platform has over 500,000 connected devices that allow customers to use its products and services easily and effectively.
  • Meaningful synergies. Carrier anticipates approximately €200 million of run-rate cost synergies primarily from procurement and insourcing. The vast majority of the cost synergies will be realized by year three. Revenue synergies from cross-selling opportunities are expected to provide further upside.
  • Reduced complexity. Following the acquisition and business exits, Carrier will benefit from a simplified structure with a smaller footprint, fewer ERP systems, fewer legal entities, and fewer, yet more scalable, global businesses.

Listen to social media announcement here

By Nikki Cabus

$1 million dollar gift from FPL establishes new Center for Intelligent Energy Tech at FAU

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A $1 million dollar gift from Florida Power & Light Company will help establish the FPL Center for Intelligent Energy Technologies (InETech) at Florida Atlantic University  

The considerable donation will be made through FPL’s charitable arm the NextEra Energy Foundation. The foundation supports organizations involved with arts and culture, education, the environment, health, animals and wildlife, affordable housing, human services, neighborhood development, economic development, government administration, and economically disadvantaged people. NextEra Energy provides a dollar-for-dollar match of employee gifts to eligible high schools, colleges and universities. Since 2003, the NextEra Energy Foundation has provided millions of dollars in support to the communities across Florida.

FAU and FPL have agreed to a four-year collaboration to establish the FPL Center InETech which will be housed in the FAU College of Engineering and Computer Science which is internationally recognized for cutting edge research and education in the areas of Computer Science and Artificial intelligence (AI), Computer Engineering, Electrical Engineering, Bioengineering, Civil, Environmental and Geomatics Engineering, Mechanical Engineering, and Ocean Engineering.

Research conducted by the faculty and their teams expose our students to technology innovations that push the current state of the art of the disciplines. The College research efforts are supported by the National Science Foundation (NSF), the National Institutes of Health (NIH), the Department of Defense (DOD), the Department of Transportation (DOT), the Department of Education (DOEd), the State of Florida, and Industry.

“Florida Atlantic takes great pride in its partnerships with community and industry leaders,” said FAU President Stacy Volnick, Ph.D

“We truly appreciate this gift from our partners at FPL and NextEra Energy, which will support our bold vision to solve tomorrow’s challenges today and create impactful opportunities for our students and faculty.”

Dr. Volnick collaborates with the Board of Trustees and other stakeholders to determine priorities and accomplish the many objectives of the University. The decision to approve the $1 million dollar gift was officially approved by the Board of Trustees on February 14th, 2023.

The primary focus of InETech will be research relating to smart technologies and products relevant to the energy sector, along with workforce development. This exciting partnership will enhance student recruitment for the College of Engineering and Computer Science and enable the brightest minds at the undergraduate, graduate and post-doctoral levels to participate in state-of-the-art projects that are directly related to the current and future needs of the energy industry.

“We have a long-standing partnership with FAU, and we are honored to work together to bring this state-of-the-art facility to life to inspire and motivate the energy leaders of tomorrow.”“

FPL, one of the state’s largest employers, has some of the best technology internship opportunities across the state. FPL’s approach to hiring reflects a belief in bringing in diverse backgrounds and experiences to their technical teams. Entry-level interns are often very eager to put their new skills to work and learn from the seasoned professionals and FPL hopes to attract an retain this innovative generation of technical talent.

At FPL, we hope that many of these students will become our future employees that can help drive innovation and creative solutions to meet the evolving needs of our customers and our communities,” said Pam Rauch, FPL vice president of external affairs and economic development.

Yufei Tang, Ph.D., associate professor and I-SENSE fellow in the Department of Electrical Engineering and Computer Science, will serve as the director of the FPL Center for Intelligent Energy Technologies, and James VanZwieten, Jr., Ph.D., assistant professor in the Department of Ocean and Mechanical Engineering, will serve as the center’s associate director.

FAU Professor, Nancy Romance told South Florida Tech Hub that “the award was a major effort on the part of the Dean [Stella Batalama] and Michael Miller, Director of Development for the College of Engineering.” Miller said that the FAU team has been “collaborating with various entities within FPL” to make this happen. He mentioned working closely with the Power & Delivery team at Florida City Gas, Manny Miranda, Executive VP President Florida City Gas and Mike Putt, Senior Director of Real Zero Design and Application. NextEra Energy, Inc

“We are delighted to deepen our relationship with FPL/NextEra,” said Stella Batalama, Ph.D., dean of the College of Engineering and Computer Science.

“This generous gift will have a multiplier effect on FAU’s successes in cutting-edge research and development, and endorses FAU’s capabilities to produce technologies and a skilled workforce for the energy industry.”

In addition to funding research for the benefit of the energy sector, the gift from the NextEra Energy Foundation also allows for the creation of the FPL InETech Center Scholarship for undergraduate and graduate students, which will assist in the College of Engineering and Computer Science’s ability to attract highly qualified students. The gift also makes available community outreach and K-12 activities that educate and engage younger students about the energy industry.

Palm Beach County-based Carrier named a TIME World’s Best Company
World Fuel Services changes name to World Kinect; reflects company’s ongoing transformation into a diversified energy and solutions provider
Carrier Announces portfolio transformation including acquisition of Viessmann Climate Solutions
$1 million dollar gift from FPL establishes new Center for Intelligent Energy Tech at FAU