FARMINGTON, Conn., U.S.
Carrier Corp. has signed an agreement with Toshiba Consumer Electronics Holdings Corporation transferring the Toshiba-branded residential air-conditioning business in Japan from Toshiba Carrier Corp. to Toshiba Home Appliances Corp. Toshiba Carrier Corp. is an air-conditioning joint venture in Japan between Toshiba Corp. and Carrier Corp., a unit of United Technologies Corp. (NYSE:UTX). Toshiba Home Appliances Corp., a consumer durable goods company, is wholly owned by Toshiba Consumer Electronics Holdings Corp.
Under the agreement, Toshiba Carrier in Japan will focus on high-efficiency, engineered commercial air-conditioning solutions and reliable aftermarket support services. Also, Toshiba Home Appliances will be able to offer a broader range of appliances to retail customers in Japan using its existing distribution channels.
“The new structure will strengthen the growth potential of Toshiba residential business in Japan,” said Geraud Darnis, president of Carrier Corp. “This agreement will reduce Carrier’s exposure to the residential business in Japan, allowing our successful joint venture Toshiba Carrier to focus on growing the engineered commercial air-conditioning solutions business.”
About Carrier Corp.
Carrier Corp., headquartered in Farmington, Conn., is the world’s largest provider of heating, air-conditioning and refrigeration solutions, with operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, Connecticut-based provider of products and services to the aerospace and building systems industries worldwide.