Carrier Global Corporation CARR joined forces with the United Nations World Food Programme (WFP) and the African Centre of Excellence for Sustainable Cooling and cold-chain (ACES).

Per the terms of the partnership, Carrier and the international organizations will make enhancements in cold-chain development and training in Africa.

With effective refrigeration and cold-chain technology, the alliance thrives to avoid food loss, which will positively impact farmers, manufacturers and customers in the continent.

CARR and ACES entered into an agreement to build a cold chain center in Kigali, Rwanda, to offer capacity building for farmers and refrigeration technicians, skill development for students and supply-chain professionals, and sustainable cold-chain solutions across Africa.

In collaboration with WFP and other leading companies, Carrier is developing a world-class Transport Training Centre in Accra, Ghana, to advance transport and logistics capacities across West Africa. It also aims to provide free online and hands-on training to nearly 400 people per year.

Carrier Global Corporation Price and Consensus

Carrier Global Corporation price-consensus-chart | Carrier Global Corporation Quote

Recent Efforts on Cold-Chain Solutions

The latest collaboration bodes well for CARR’s growing focus on expanding its cold-chain solutions to reduce hunger, food insecurity and carbon emissions, thereby improving public health.

This apart, in July, Carrier’s subsidiary Carrier Commercial Refrigeration came up with an EasyCube plug-in island cabinet for chilled and frozen products. The cabinet features automatic defrost and drip water evaporation, provides optimum product visibility and can be operated at two temperature classes.

In June, Carrier’s subsidiary PROFROID expanded its range of QuietCO2OL MC compact indoor refrigeration units with more than 20 new models. The latest models feature semi-hermetic compressors, making the QuietCO2OL MC provide large convenience stores with greater cooling capacities.

Carrier’s brand Carrier Transicold introduced its Vector eCool units in Australia in April. Vector eCool is a fully electric trailer refrigeration unit operating autonomously without a diesel engine.

These growing endeavors are expected to help Carrier gain momentum among customers, which in turn, is likely to contribute to its refrigeration segment in the days ahead.

The underlined segment generated revenues of $1.04 billion, accounting for 20% of the total third-quarter 2022 revenues, which increased 2% from the year-ago quarter’s level.

Strengthening Cold-Chain and Refrigeration Prospects

Carrier’s growing refrigeration products and cold-chain solutions are expected to continuously help it expand its footprint in the booming commercial refrigeration equipment and cold-chain markets.

Per a Future Market Insights report, the commercial refrigeration equipment market is expected to exceed revenues worth $51.8 million by this year-end. The report also states that the market is likely to witness a CAGR of 4% between 2022 and 2029.

According to a Grand View Research report, the global cold chain market is likely to see a CAGR of 17.1% during the 2022-2030 forecast period.

We believe, Carrier’s strengthening efforts in these growing markets will help it win investors’ confidence in the near term and the long haul.

Shares of Carrier have been down 19.8% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 42.1%.

Zacks Rank & Stocks to Consider

Currently, Carrier carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Agilent Technologies A, Asure Software ASUR and America Movil AMX, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Agilent Technologies has lost 8.5% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.

Asure Software has lost 13.8% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 14%.

America Movil has lost 5.3% in the year-to-date period. The long-term earnings growth rate for AMX is currently projected at 25.7%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
America Movil, S.A.B. de C.V. (AMX) : Free Stock Analysis Report
 
Agilent Technologies, Inc. (A) : Free Stock Analysis Report
 
Asure Software Inc (ASUR) : Free Stock Analysis Report
 
Carrier Global Corporation (CARR) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research