Carrier Corp. Sells Controlling Stake in its Korean Air-conditioning Operations

Nov 18, 2010

FARMINGTON, Conn., United States

Carrier Corp. has sold a controlling equity interest in its Korean air-conditioning operations (CLK) to Sinokor Pipe Co., Ltd., a Korean industrial manufacturing company. CLK will continue to be Carrier’s distributor in Korea. Carrier Corp., 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.

CLK designs, manufactures, and distributes a range of air-conditioning products in Korea. With 2009 sales of approximately $200 million and close to 500 employees, it has built a strong presence in the Korean air-conditioning industry. CLK has its headquarters in Seoul and a manufacturing facility in Gwangju, Korea.

“I’m pleased that this partnership with Sinokor will strengthen CLK operations and enhance its growth potential,” said Geraud Darnis, president, Carrier Corp. “This transaction marks another step in Carrier’s business transformation to a more focused and higher margin business.”

About Carrier Corp.
Carrier Corp. 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 foodservice customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.

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