Carrier Global makes heating, ventilation, air conditioning and refrigeration equipment, along with fire and security systems, having been spun off from the former United Technologies to operate as an independent, publicly traded company. Its HVAC business includes both residential and commercial equipment, along with a significant transport refrigeration operation that keeps food and other perishable goods cold during shipping and storage. Demand for Carrier's HVAC equipment ties to construction activity and building renovation cycles, along with the ongoing replacement of older, less energy-efficient systems as building codes and efficiency standards tighten over time. The company has divested some of its non-core businesses since becoming independent, narrowing its focus more specifically toward climate control and refrigeration rather than the broader industrial conglomerate structure it operated under as part of United Technologies.