Carrier Corporation to Appoint G & L Beijer as Its Distributor of Toshiba Brand Air-Conditioning Products for Eleven Countries in Europe
June 1, 2011
Carrier Corp. has signed a letter of intent with G & L Beijer AB to appoint Beijer as its distributor of Toshiba brand residential and light commercial air-conditioning products in 11 countries in Europe. G & L Beijer AB, headquartered in Sweden, is a technology-oriented refrigeration and air-conditioning distribution company. Carrier, 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.
In 2010, Carrier Corp.’s Toshiba brand distribution operations in these 11 European countries accounted for approximately $200 million in sales and 150 employees. As part of this agreement, Carrier intends to contribute these distribution operations to Beijer in a cash transaction. Carrier and Beijer have had a successful air-conditioning and refrigeration distribution joint venture relationship in Europe and South Africa since 2009. Carrier owns 41.4 percent of the capital in G & L Beijer.
Carrier distributes Toshiba brand air-conditioning products outside Japan through a mix of Carrier-operated, joint venture and independent distribution companies based on its global joint venture agreement with Toshiba Corporation.
The transaction is expected to close within 90 days, subject to negotiation and execution of definitive agreements and receiving required regulatory approvals.
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 unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.