CHINA: Carrier Air Conditioning subsidiary Carrier Asia is acquiring a minority stake in Chongqing Midea General Refrigeration Equipment Co Ltd.
Chongqing Midea is Midea’s commercial air conditioning business, manufacturing a range of centrifugal, screw and modular chillers as well as airside products.
The deal is seen as an extension of the long-term strategic partnership between the two companies which began in 2008 with the formation of Foshan Midea Carrier Air-Conditioning Equipment Co, a joint venture to manufacture residential Carrier-brand products for distribution worldwide. The business relationship between Midea and Carrier has since grown to include joint ventures in Brazil, Argentina, Chile, India and Egypt.
“Internationalisation has always been a strategic goal of CQ Midea,” said Paul Fang, Midea Group chairman and president. “We want to ‘grow beyond China but what’s even more important is to learn from the best.”
At the signing ceremony, Geraud Darnis, president and CEO, UTC Building & Industrial Systems, emphasised the history of co-operation 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.”