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Carrier completes Toshiba JV acquisition

USA: Carrier has completed the $900m acquisition of Toshiba’s 60% stake in the Toshiba Carrier air conditioning joint venture that the two companies created in 1999.

Toshiba Carrier is a global provider of residential and light commercial HVAC solutions, including VRF and heat pump products, with sales of around $2bn in 2021. It has approximately 6,600 employees. 

“This acquisition presents tremendous growth opportunities for Carrier in the fast-growing, energy-efficient VRF and heat pump markets,” said Carrier chairman and CEO David Gitlin. “Toshiba Carrier’s differentiated technology, strong channel and global design and manufacturing footprint allow us to benefit from growing electrification and sustainability trends.”

Building on Carrier’s previous acquisition of the Chinese Guangdong Giwee Group in 2021, the Toshiba Carrier business will join the newly created Global Comfort Solutions business unit within Carrier’s HVAC segment. 

The new business will be headquartered in Tokyo under the leadership of Saif Siddiqui, who was made president of the Global Comfort Solutions HVAC business in February. He will report directly to HVAC segment president Chris Nelson. 

Toru Kubo, who has served as president and CEO of Toshiba Carrier, will also be joining the Global Comfort Solutions leadership team reporting to Siddiqui.  

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