Indianapolis: US President-elect Donald Trump has warned American firms wanting to relocate abroad that they will face punishment, as he announced a deal with air conditioning manufacturer Carrier to keep jobs in the country.

"Companies are not going to leave the United States any more without consequences. Not going to happen," Trump told workers at the Carrier plant in Indianapolis in his first major public remarks on Thursday since winning the White House.

"They can leave from state to state, and negotiate deals with different states, but leaving the country will be very, very difficult," Trump added.

During the presidential campaign, the Republican billionaire threatened to slap tariffs on firms that decamped for places like Mexico or Asia where labor costs are cheaper.

It became a repeated refrain of his victorious campaign.

Trump specifically singled out Carrier, a brand of United Technologies Corporation, saying he had been encouraging the company not to shift thousands of jobs to Mexico.

If they did, he said his administration would impose major tariffs on Carrier products as they made their way back into the United States.

"But I called Greg (Hayes, UTC's chairman) and I said it's really important, we have to do something because you have a lot of people leaving and you have to understand we can't allow this to happen anymore with our country," Trump said as he recalled an early exchange with the firm's top executive.

Under a deal hammered out with the help of Vice President-elect Mike Pence, who is Indiana's outgoing governor, the state offered Carrier USD 7 million in incentives over 10 years, "contingent upon factors including employment, job retention and capital investment," the company said in a statement.

Pence said the deal will keep about 1,100 jobs in "the heart of the heartland."

"This is a great day for Indiana and it's a great day for working people all across the United States of America," Pence said.

The deal is seen as an extraordinary industry intervention by a president-elect.

His supporters have described it as the first tangible part of Trump's jobs creation plan.

But liberal Senator Bernie Sanders, who challenged Hillary Clinton for the 2016 Democratic presidential nomination, said the deal should worry Americans.

Carrier "took Trump hostage and won," Sanders said in an op-ed he wrote for The Washington Post.

Trump "endangered" other US jobs, Sanders said, "because he has signalled to every corporation in America that they can threaten to offshore jobs in exchange for business-friendly tax benefits and incentives."</s>WASHINGTON — Air conditioning company Carrier Corp. says it has reached a deal with President-elect Donald Trump to keep nearly 1,000 jobs in Indiana. Trump and Vice President-elect Mike Pence plan to travel to the state Thursday to unveil the agreement alongside company officials.

Trump confirmed the meeting on Twitter late Tuesday, promising a “Great deal for workers!”

Trump spent much of his campaign pledging to keep companies like Carrier from moving jobs overseas. His focus on manufacturing jobs contributed to his unexpected appeal with working-class voters in states like Michigan, which has long voted for Democrats in presidential elections.

The details of the agreement were unclear. Carrier tweeted that the company was “pleased to have reached a deal” with Trump and Pence to keep the jobs in Indianapolis.

Neither Wilbur Ross, Trump’s pick for commerce secretary, nor Steven Mnuchin — the banker picked to be treasury secretary — would discuss specifics about the agreement on Wednesday. But Mnuchin told CNBC’s “Squawk Box” that Trump and his administration are “going to have open communications with business leaders.”

He said Trump called the CEO of Carrier’s parent company and said it was “important to keep jobs here.”

Both Trump and Pence, who is ending his tenure as Indiana governor, are expected to appear with Carrier officials Thursday.

In February, Carrier said it would shutter its Indianapolis plant employing 1,400 workers and move its manufacturing to Mexico. The plant’s workers would have been laid off over three years starting in 2017.

United Technologies Electronic Controls also announced then that it planned to move its Huntington manufacturing operations to a new plant in Mexico, costing the northeastern Indiana city 700 jobs by 2018. Those workers make microprocessor-based controls for the HVAC and refrigeration industries.

Carrier and UTEC are both units of Hartford, Connecticut-based United Technologies Corp. — which also owns Pratt & Whitney, a big supplier of fighter jet engines that relies in part on U.S. military contracts.

In a September debate against Democratic rival Hillary Clinton, Trump railed against Carrier’s plans.

“So many hundreds and hundreds of companies are doing this,” Trump said. “We have to stop our jobs from being stolen from us. We have to stop our companies from leaving the United States.”

Carrier wasn’t the only company Trump assailed during the campaign. He pledged to give up Oreos after Nabisco’s parent, Mondelez International, said it would replace nine production lines in Chicago with four in Mexico. He criticized Ford after the company said it planned to invest $2.5 billion in engine and transmission plants in Mexico.

Chuck Jones, president of United Steelworkers Local 1999, which represents Carrier workers, said of Tuesday’s news: “I’m optimistic, but I don’t know what the situation is. I guess it’s a good sign. … You would think they would keep us in the loop. But we know nothing.”

The event Thursday in Indiana will be a rare public appearance for Trump, who has spent nearly his entire tenure as president-elect huddled with advisers and meeting with possible Cabinet secretaries. He plans to make other stops later this week as part of what advisers have billed as a “thank you” tour for voters who backed him in the presidential campaign.</s>WASHINGTON — President-elect Donald Trump said Wednesday he’s leaving his business empire to focus on being the nation’s 45th president, declaring he can successfully avoid conflicts of interest between governing and profiting in the private sector.

“I will be leaving my great business in total in order to fully focus on running the country in order to make America great again,” he tweeted in a series of missives sent before dawn. “While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses.”

Trump did not provide any details about how he planned to separate from his businesses, though he said legal documents were being prepared. He has previously said that he’d leave his business operations to his three eldest children — Donald Jr., Eric and Ivanka.

Ethics experts have pushed for Trump to fully exit the ownership of his businesses using a blind trust or equivalent arrangement.

“Otherwise he will have a personal financial interest in his businesses that will sometimes conflict with the public interest and constantly raise questions,” Norman Eisen, President Barack Obama’s chief ethics lawyer, and Richard Painter, who held the same post for President George W. Bush, said in a joint statement Wednesday.

Trump was also moving forward with his Cabinet selections, choosing former Goldman Sachs executive Steven Mnuchin as treasury secretary and billionaire investor Wilbur Ross for commerce secretary.

Mnuchin, 53, led Trump’s finance operations during the presidential campaign. But he has no government experience, which could prove a political hurdle. If confirmed by the Senate, Mnuchin would play a central role in shaping Trump’s tax policies and infrastructure plans. He would also lead an agency tasked with implementing international economic sanctions.

Arriving at Trump Tower Wednesday morning for meetings, Mnuchin said the administration planned “the most significant middle income tax cut since Reagan.” He also called for lowering corporate taxes to encourage companies to stay in the United States.

Trump was accompanying his decision to line his Cabinet with financial industry insiders with an announcement that the air conditioning giant Carrier Corp. planned to keep nearly 1,000 jobs in Indiana instead of moving them to Mexico. Trump and Vice-President-elect Mike Pence, the outgoing Indiana governor, planned an event with Carrier officials Thursday to announce the plan.

Details of the agreement were unclear. Trump spent much of his campaign pledging to keep companies like Carrier from moving jobs overseas, relying on the skills he used in business.

Trump’s sprawling business empire is unprecedented for a sitting president, as is the complexity and opaqueness of his financial holdings. He refused to release his taxes during the campaign, citing an ongoing audit, and will be under no legal obligation to do so in the White House.

Trump owns golf clubs, office towers and other properties in several countries. He holds ownership stakes in more than 500 companies. He has struck licensing deals for use of his name on hotels and other buildings around the world and has been landing new business in the Middle East, India and South America.

Reince Priebus, Trump’s incoming White House chief of staff, was vague Wednesday in describing how the president-elect planned to separate himself from his businesses, saying “that’ll all be worked out.”

Priebus told MSNBC’s “Morning Joe,” that Trump has “got the best people in America working on it.” Priebus demurred when asked if Trump planned to put his businesses in a blind trust — as presidents have traditionally done — or leave them in his children’s hands.

“I’m not ready to reveal that really,” Priebus said.

Priebus added that Trump’s business acumen and the many interests he has as a result of it are “nothing to be ashamed about.” He said the country hasn’t seen a president with such business holdings before and the rules and regulations “don’t contemplate this scenario.”</s>The incoming Trump Administration and United Technologies (UTX) have reached an agreement that will keep close to 1,000 jobs at Carrier Corp., which is owned by UTX, in Indiana.



Carrier had planned to move production from a key factory in that state to Mexico, taking with it the roughly 1,400 jobs of those who work at the Indiana plant.



But shortly after CNBC revealed that Donald Trump was expected to travel to Indiana on Thursday to announce that a deal had been reached, Carrier itself confirmed the agreement.





Later still, the President-elect tweeted that it was a "big day on Thursday for Indiana."





Under a deal negotiated by Vice President-elect Mike Pence and UTX CEO Greg Hayes, the company will now keep most of those jobs in Indiana, sources close to the matter told CNBC.

While terms of the deal are not yet clear, the sources indicated there were new incentives on offer from the state of Indiana, where Pence is governor, that helped clear a path for the agreement.

While UTX was seeking the savings that would come from moving some production to Mexico, people familiar with the situation indicated that the savings were not worth incurring the wrath of the incoming administration, including the potential threat to the significant business that UTX currently conducts with the U.S. government, largely in the form of orders for jet engines and other defense-related equipment.



Trump had made the expected departure of the Carrier jobs a key theme in his campaign to capture the White House, using it as an example of the type of trade relationship that hurt U.S. workers.



On Thanksgiving Day, Trump tweeted that he was making progress on negotiating a deal with UTX.



CNBC broke the story of the agreement first on Twitter.













Follow CNBC International on Twitter and Facebook.

</s>Donald Trump and Vice President-elect Mike Pence, who is ending his tenure as Indiana governor, are to appear with Carrier officials in Indiana.</s>By Julie Pace and Laurie Kellman, Associated Press

WASHINGTON — President-elect Donald Trump said Wednesday he’s leaving his business empire to focus on being the nation’s 45th president, declaring he can successfully avoid conflicts of interest between governing and profiting in the private sector.

“I will be leaving my great business in total in order to fully focus on running the country in order to make America great again,” he tweeted in a series of missives sent before dawn. “While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses.”

Trump did not provide any details about how he planned to separate from his businesses, though he said legal documents were being prepared. He has previously said that he’d leave his business operations to his three eldest children — Donald Jr., Eric and Ivanka.

Ethics experts have pushed for Trump to fully exit the ownership of his businesses using a blind trust or equivalent arrangement.

“Otherwise he will have a personal financial interest in his businesses that will sometimes conflict with the public interest and constantly raise questions,” Norman Eisen, President Barack Obama’s chief ethics lawyer, and Richard Painter, who held the same post for President George W. Bush, said in a joint statement Wednesday.

Trump was also moving forward with his Cabinet selections, choosing former Goldman Sachs executive Steven Mnuchin as treasury secretary and billionaire investor Wilbur Ross for commerce secretary.

Mnuchin, 53, led Trump’s finance operations during the presidential campaign. But he has no government experience, which could prove a political hurdle. If confirmed by the Senate, Mnuchin would play a central role in shaping Trump’s tax policies and infrastructure plans. He would also lead an agency tasked with implementing international economic sanctions.

Arriving at Trump Tower Wednesday morning for meetings, Mnuchin said the administration planned “the most significant middle income tax cut since Reagan.” He also called for lowering corporate taxes to encourage companies to stay in the United States.

Trump was accompanying his decision to line his Cabinet with financial industry insiders with an announcement that the air conditioning giant Carrier Corp. planned to keep nearly 1,000 jobs in Indiana instead of moving them to Mexico. Trump and Vice President-elect Mike Pence, the outgoing Indiana governor, planned an event with Carrier officials Thursday to announce the plan.

Details of the agreement were unclear. Trump spent much of his campaign pledging to keep companies like Carrier from moving jobs overseas, relying on the skills he used in business.

Trump’s sprawling business empire is unprecedented for a sitting president, as is the complexity and opaqueness of his financial holdings. He refused to release his taxes during the campaign, citing an ongoing audit, and will be under no legal obligation to do so in the White House.

Trump owns golf clubs, office towers and other properties in several countries. He holds ownership stakes in more than 500 companies. He has struck licensing deals for use of his name on hotels and other buildings around the world and has been landing new business in the Middle East, India and South America.

Reince Priebus, Trump’s incoming White House chief of staff, was vague Wednesday in describing how the president-elect planned to separate himself from his businesses, saying “that’ll all be worked out.”

Priebus told MSNBC’s “Morning Joe,” that Trump has “got the best people in America working on it.” Priebus demurred when asked if Trump planned to put his businesses in a blind trust — as presidents have traditionally done — or leave them in his children’s hands.

“I’m not ready to reveal that really,” Priebus said.

Priebus added that Trump’s business acumen and the many interests he has as a result of it are “nothing to be ashamed about.” He said the country hasn’t seen a president with such business holdings before and the rules and regulations “don’t contemplate this scenario.”</s>President-elect Donald Trump appeared to be focusing on core economic issues in his emerging Cabinet on Wednesday, while he prepared to step aside from his sprawling businesses.

Trump officially announced key members of his economic team, choosing former banker and Hollywood financier Steven Mnuchin as treasury secretary and billionaire industrialist Wilbur Ross to run the Commerce Department. As Ross’s deputy, Trump turned to Chicago Cubs co-owner Todd Rickets, whose family are powerful conservative donors.

“This team will be instrumental in implementing the President-elect’s America First economic plan that will create more than 25 million jobs over the next decade,” Trump’s transition team said in statement.

The economic focus came as Trump’s advisers continued promoting his role in a deal with air-conditioning manufacturer Carrier, which has announced it would reverse plans to move one of its factories from Indiana to Mexico. The company, owned by United Technologies, said about 1,000 U.S. jobs would be preserved. Trump’s promise to keep jobs in the United States and rebuild American manufacturing was a core part of his insurgent campaign.

“The Carrier deal, I think it’s terrific,” Mnuchin told reporters as he walked into Manhattan’s Trump Tower Wednesday morning to meet with his future boss. He said Trump and Vice President-elect Mike Pence had “picked up the phone and called the CEO of the United Technologies and told them we want to keep jobs here. Can’t remember the last time a president did that.”

Details of the deal remained unclear, including the extent of Trump’s personal involvement versus Pence or other officials, and whether any incentives were offered to keep the jobs in the state, where Pence is the governor.

Also uncertain were the specifics of how Trump, a longtime real estate developer with interests around the globe, planned to step away from overseeing his business. Trump tweeted Wednesday morning that he would soon leave the conglomerate.

“I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN!” Trump wrote on Twitter, which has remained his favorite communication medium during the transition.

The announcement, seen as a response to increasingly voiced concerns about the potential conflicts of interest between Trump’s public and private roles, marks a turn from his months-long refusal to distance himself from his private affairs while holding the nation’s highest public office.

But Trump did not say if the new arrangement would include a full sale of his stake or, as he has offered before, a ceding of company management to his children, which ethics advisers have said would not resolve worries that the business could still influence his decisions in the Oval Office.

Presidents are not bound by the strict conflict-of-interest laws governing most U.S. elected officials. But most modern presidents have agreed to sell or sequester their assets in a “blind trust,” led by an independent manager with supreme control, in order to keep past business deals, investments and relationships from influencing their White House term.

Giving company management to his three eldest children - Donald Jr., Eric and Ivanka - would still leave open the potential for Trump to make presidential decisions for their benefit. The children have already played a key part in Trump’s governing preparations, serving on the transition team now selecting key appointees and sitting in on meetings with foreign heads of state.

Mnuchin, an investor and former Goldman Sachs executive who joined Trump’s campaign in May as finance chairman, has no government experience. But in his statement announcing Mnuchin’s nomination, which is subject to Senate confirmation, Trump hailed the former private equity fund head as “a world-class financier, banker and businessman,” who has “played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs.”

Ross is an investor known as the “king of bankruptcy” for buying beaten-down companies with the potential to deliver profits. He helped shape the Trump campaign’s economic agenda, particularly its hard-line stance on the need to renegotiate or withdraw from free trade agreements. That position resonated with the working class voters who were instrumental in delivering Trump’s upset victory.

Trump said that Ross, whose nomination is also subject to Senate confirmation, “is a champion of American manufacturing and knows how to help companies succeed. Most importantly, he is one of the greatest negotiators I have ever met.”

The two expressed confidence in the incoming administration’s ability to boost economic growth as high as 4 percent a year.

Crucial to that projection would be passage of Trump’s proposed overhaul of the tax code, including streamlining individual tax rates into three brackets and reducing the corporate tax rate to 15 percent. Independent research groups have estimated the plan could cost as much as $6 trillion over the next decade. However, that analysis does not include the potential economic benefits the tax cuts could generate.

Trump’s new team spread out to give a sales pitch on Wednesday for his economic vision. In a joint interview with Ross on CNBC’s Squawk Box, Mnuchin said reforming the nation’s tax code would be Trump’s top priority and promised significant tax breaks for the middle class but no absolute cut for high-income households.

And at Trump Tower, Mnuchin told reporters that the new administration’s “number one priority is going to be the economy, get back to three to four percent growth. We believe that’s very sustainable.”

Asked how they would achieve Trump’s promise to convince U.S. companies to bring back massive amounts of cash they have stockpiled overseas because of what they see as high corporate taxes, Mnuchin said:” Well our first priority is going to be the tax plan and the tax plan has both the corporate aspects to it, lowering corporate taxes so we make U.S. companies the most competitive in the world.”

He added, without elaboration, that Trump will ensure that “we repatriate trillions of dollars back to the United States.”

Drew Harwell, Ylan Mui and Jim Tankersley contributed to this report.</s>NEW YORK: President-elect Donald Trump declared Wednesday he will leave his business empire behind to focus on his presidency. But the prospect that he could simply shift more control to three of his adult children looked too cozy to some business-ethics specialists who suggest the arrangement could bring unprecedented conflicts of interest into the Oval Office.

Trump announced in a series of early morning tweets that he would leave his “great business,” adding: “While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses.”

Trump provided no details, though he said legal documents were being prepared. He previously had said he’d leave his business operations to his three eldest children — Donald Jr., Eric and Ivanka.

Asked if the tweets indicated plans to move the businesses to the children, Trump senior adviser Kellyanne Conway said Wednesday, “It appears that way.”

“The three adult children who do already work in the corporation are expected to continue in those roles and in fact increase their responsibilities in those roles,” Conway said.

Ethics experts have pushed for Trump to fully exit the ownership of his businesses using a blind trust or equivalent arrangement.

“Otherwise he will have a personal financial interest in his businesses that will sometimes conflict with the public interest and constantly raise questions,” Norman Eisen, President Barack Obama’s chief ethics lawyer, and Richard Painter, who held the same post for President George W. Bush, said in a joint statement. The laws are generally loose for presidents regarding their businesses except when it comes to ties to or gifts from foreign governments.

All 16 Democratic members of the House Judiciary Committee wrote to Chairman Bob Goodlatte, R-Va., to request hearings to examine conflicts-of-interest and ethics provisions that may apply to Trump.

Trump spent much of Wednesday conducting meetings in his Manhattan high-rise. His pick for secretary of state remains up in the air, though aides say he has narrowed his choices to four. One contender, former Massachusetts Gov. Mitt Romney dined with him Tuesday.

Trump has moved forward with other Cabinet selections, choosing former Goldman Sachs executive Steven Mnuchin as Treasury secretary and billionaire investor Wilbur Ross for Commerce.

Mnuchin, 53, led Trump’s finance operations during the presidential campaign, but he has no government experience. If confirmed by the Senate, he would play a central role in shaping Trump’s tax policies and infrastructure plans. He would also lead an agency tasked with implementing international economic sanctions.

Mnuchin would follow in the tradition of two previous Treasury secretaries who worked at the Goldman Sachs investment firm. During the campaign, Trump repeatedly criticized Hillary Clinton’s ties to Wall Street banks and hit her for paid speeches at Goldman Sachs.

Arriving at Trump Tower on Wednesday, Mnuchin said the administration planned “the most significant middle income tax cut since Reagan.” He also called for lowering corporate taxes to encourage companies to stay in the United States.

Meanwhile, Trump and Vice President-elect Mike Pence, the outgoing Indiana governor, planned an event Thursday in Indiana in connection with an announcement that the air conditioning giant Carrier Corp. planned to keep nearly 1,000 jobs in the state instead of moving them to Mexico.

Details of the agreement were unclear. Trump spent much of his campaign pledging to keep companies like Carrier from moving jobs out of the U.S.

The company attributed its decision to the incoming Trump administration and financial incentives provided by Indiana.</s>WASHINGTON (AP) — President-elect Donald Trump said Wednesday he's leaving his business empire to focus on being the nation's 45th president, declaring he can successfully avoid conflicts of interest between governing and profiting in the private sector.

"I will be leaving my great business in total in order to fully focus on running the country in order to make America great again," he tweeted in a series of missives sent before dawn. "While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses."

Trump did not provide any details about how he planned to separate from his businesses, though he said legal documents were being prepared. He has previously said that he'd leave his business operations to his three eldest children — Donald Jr., Eric and Ivanka.

Ethics experts have pushed for Trump to fully exit the ownership of his businesses using a blind trust or equivalent arrangement.

"Otherwise he will have a personal financial interest in his businesses that will sometimes conflict with the public interest and constantly raise questions," Norman Eisen, President Barack Obama's chief ethics lawyer, and Richard Painter, who held the same post for President George W. Bush, said in a joint statement Wednesday.

Trump was also moving forward with his Cabinet selections, choosing former Goldman Sachs executive Steven Mnuchin as treasury secretary and billionaire investor Wilbur Ross for commerce secretary.

Mnuchin, 53, led Trump's finance operations during the presidential campaign. But he has no government experience, which could prove a political hurdle. If confirmed by the Senate, Mnuchin would play a central role in shaping Trump's tax policies and infrastructure plans. He would also lead an agency tasked with implementing international economic sanctions.

Arriving at Trump Tower Wednesday morning for meetings, Mnuchin said the administration planned "the most significant middle income tax cut since Reagan." He also called for lowering corporate taxes to encourage companies to stay in the United States.

Trump was accompanying his decision to line his Cabinet with financial industry insiders with an announcement that the air conditioning giant Carrier Corp. planned to keep nearly 1,000 jobs in Indiana instead of moving them to Mexico. Trump and Vice President-elect Mike Pence, the outgoing Indiana governor, planned an event with Carrier officials Thursday to announce the plan.

Details of the agreement were unclear. Trump spent much of his campaign pledging to keep companies like Carrier from moving jobs overseas, relying on the skills he used in business.

Trump's sprawling business empire is unprecedented for a sitting president, as is the complexity and opaqueness of his financial holdings. He refused to release his taxes during the campaign, citing an ongoing audit, and will be under no legal obligation to do so in the White House.

Trump owns golf clubs, office towers and other properties in several countries. He holds ownership stakes in more than 500 companies. He has struck licensing deals for use of his name on hotels and other buildings around the world and has been landing new business in the Middle East, India and South America.

Reince Priebus, Trump's incoming White House chief of staff, was vague Wednesday in describing how the president-elect planned to separate himself from his businesses, saying "that'll all be worked out."

Priebus told MSNBC's "Morning Joe," that Trump has "got the best people in America working on it." Priebus demurred when asked if Trump planned to put his businesses in a blind trust — as presidents have traditionally done — or leave them in his children's hands.

"I'm not ready to reveal that really," Priebus said.

Priebus added that Trump's business acumen and the many interests he has as a result of it are "nothing to be ashamed about." He said the country hasn't seen a president with such business holdings before and the rules and regulations "don't contemplate this scenario."</s>“Memories are short but the economic fundamentals remain the same,” he said. “Wall Street is breathing down companies’ necks to cut costs, and the labor savings in Mexico is too great.”

Mr. Trump first announced he was talking to Carrier on Thanksgiving Day via Twitter, which the company quickly confirmed. The discussions have continued this week, and with a tentative deal in hand on Tuesday, transition officials scheduled Mr. Trump’s and Mr. Pence’s visit to Indianapolis.

“I didn’t think it would be this quick,” Mr. Maynard said.

While the standoff loomed large in the lives of its employees in Indiana, for United Technologies the forgone savings is tiny — equivalent to about 2 cents per share in earnings.

“Every penny counts, but if we step back and I’m looking at earnings of $6.60 per share this year, 2 cents is an easy concession if the president-elect listens to some of the company’s bigger concerns,” said Howard Rubel, a senior equity analyst with Jefferies, an investment banking firm in New York.

When Carrier announced in February that the two Indiana factories would be closing, it did offer benefits to employees facing layoffs, including paying for them to go back to school and retrain for other careers. Even with that, however, once the layoffs were to begin in mid-2017, most of the workers would have had a hard time finding jobs that paid anywhere near the $20 to $25 an hour that veteran line workers earn.

Carrier is best known for its air-conditioners, but it also sells a variety of other heating and cooling equipment for homes and businesses, like the gas furnaces and fan coils for electric furnaces made at the Indianapolis factory. The jobs in Indiana Mr. Trump has referred to are in two separate sites — the Carrier plant in Indianapolis, with 1,400 employees, and a United Technologies factory in Huntington, Ind., with 700.
President-elect Donald Trump announces that his team has made a deal with Carrier Corporation that would save around 1,000 jobs at an Indiana factory. Carrier had planned to move production from a key factory in that state to Nuevo León, Mexico.