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- Nov. 16, 2011
Carrier has formed a joint venture with Midea Group of China for the manufacture and distribution of heating, air -conditioning and ventilation (HVAC) products in Brazil, Argentina and Chile. Midea will own 51 percent of the joint venture and Carrier 49 percent. The joint venture comprises Carrier’s existing HVAC operations in the three countries and Midea’s distribution entity, Midea do Brasil. Midea is a leading residential air-conditioning manufacturer in the world. Carrier, part of UTC Climate, Controls & Security Systems, a unit of United Technologies Corp. (NYSE:UTX), is the world’s leader in high technology heating, air-conditioning and refrigeration solutions, improving the world around us through engineered innovation and environmental stewardship.
This joint venture strengthens Carrier’s global strategic relationship with Midea and expands the manufacturing and distribution of residential and light commercial HVAC systems in Brazil, Argentina and Chile. “This transaction is a substantial milestone toward the completion of Carrier’s business transformation initiated four years ago,” said Geraud Darnis, president and CEO, UTC Climate, Controls & Security Systems.
“Carrier has a longstanding leadership position in these markets built on a loyal distribution network, strong brands, outstanding agents and an experienced leadership team,” said Darnis. “Carrier is committed to Latin America and will work with Midea to leverage production scale, increase our portfolio of products and brands to better serve our customers, and increase our growth prospects in the region.”
The transaction closed Nov. 14, 2011.
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