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

Automated Logic Contracting Services Inc, a part of Carrier Global Corp 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.