Carrier Asia Ltd. is acquiring a minority stake in Chongqing Midea General Refrigeration Equipment Co. Ltd. (CQ Midea), an extension of its long-term strategic partnership with Midea Group Co. Ltd., China's leading manufacturer and wholesaler of electric appliances. Carrier, the world's leader in high-technology heating, air-conditioning and refrigeration solutions, is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp. (NYSE: UTX).
CQ Midea is Midea's commercial air-conditioning business, manufacturing a range of centrifugal, screw and modular chillers as well as airside products. Carrier and Midea established their first joint venture in 2008, Foshan Midea Carrier Air-Conditioning Equipment Co., Ltd., manufacturing residential Carrier-brand products for distribution worldwide. The business relationship between Midea and Carrier has since successfully expanded to include joint ventures in Brazil, Argentina, Chile, India and Egypt. Carrier's investment in CQ Midea will support its growth outside of China.
"Internationalization has always been a strategic goal of CQ Midea. We want to 'grow beyond China.' But what's even more important is to learn from the best," said Paul Fang, chairman and president, Midea Group. "In the HVAC segment, Carrier has a team of experienced experts, industry-leading technologies and a top-tier quality assurance system. Collaborating with a brand like Carrier is an important step forward for Midea."
At the signing ceremony, Geraud Darnis, president and CEO, UTC Building & Industrial Systems, emphasized the history of cooperation between Midea and Carrier, and said this new venture marks a natural extension of the existing, successful partnership.
"The growth of our joint ventures underlines the strength of our partnership and the mutual respect we share. Both Midea and Carrier bring unique capabilities, creating a solid platform for the success of both companies," said Darnis. "I have every confidence that this new agreement between Carrier and Midea will be similarly successful."
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Geraud Darnis, president &CEO, UTC Building & Industrial Systems, together with Paul Fang, chairman and president, Midea Group, and Liu Zhongtang, general manager of Chongqing General Industry Group, signed the strategic cooperation.
Founded by the inventor of modern air conditioning, Carrier is the world's leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. For more information, visit www.carrier.com or follow @CarrierGreen on Twitter.