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Carrier to acquire Toshiba Carrier HVAC business

USA/JAPAN: Carrier has confirmed that it has signed a binding agreement to acquire Toshiba’s ownership stake in the Toshiba Carrier air conditioning business – a deal reportedly worth $870m.  

The global alliance was established in 1999, with Toshiba holding a 60% stake. Toshiba Carrier designs and manufactures flexible, energy-efficient and high-performance VRF and light commercial HVAC systems utilising its own proprietary inverter technology, as well as commercial products, compressors and heat pumps.

In a statement this morning, Carrier said: “The planned acquisition will strengthen Carrier’s position in one of the fastest-growing HVAC segments, as well as scale its global VRF product platform with leading and differentiated technology and the addition of a renowned brand to its portfolio.”

The acquisition will include all of Toshiba Carrier’s research and development centres and global manufacturing operations, product pipeline, and the long-term use of Toshiba’s brand. This includes Toshiba Carrier Air Conditioning Sales (Shanghai), Toshiba Carrier Thailand, Toshiba Carrier China, Toshiba Carrier Europe, TCFG Compressor (Thailand) and Toshiba Techno System Co Ltd.

Toshiba’s train air conditioning business, part of of Toshiba’s Infrastructure Systems & Solutions division is not subject to the transfer.

Toshiba Carrier’s 17,700m2 European manufacturing plant in Gniezno, Poland, opened last year

The acquisition is expected to close by September 30, subject to customary closing conditions, including regulatory approvals. Toshiba will retain a 5% ownership stake in TCC, and Carrier will consolidate over $2bn in unconsolidated revenue.

Commenting on the deal, Carrier chairman and CEO Dave Gitlin said: “Carrier sees significant growth potential in the global VRF, light commercial and heat pump segments and is excited by the opportunity to expand our business through this strategic acquisition. TCC’s proven R&D expertise, strong global brand and talented employees will be tremendous additions to Carrier’s multi-brand channel strategy.” 

Gitlin’s counterpart, Satoshi Tsunakawa, president and CEO of Toshiba, commented: “We are pleased that TCC employees will continue the growth and innovation journey of Toshiba’s HVAC business as part of Carrier, benefiting from its unparalleled global reach, strong dealer network and shared history of innovation.” 

Today’s announcement builds on Carrier’s acquisition last year of Chinese HVAC product manufacturer Guangdong Giwee Group.

Toshiba to sell air conditioning business?5 February 2022
JAPAN: Toshiba is set to sell its stake in its Toshiba Carrier air conditioning business to its US joint venture partner Carrier for around $870m, according to reports in Japan. Read more…

Carrier agrees acquisition of Chinese AC manufacturer – 19 April 2021
USA: Carrier has signed agreements to acquire Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co Ltd (GCHV). Read more…

Toshiba Carrier opens new Chinese facility21 June 2021
CHINA: The Chinese subsidiary of Toshiba Carrier has relocated to a new 72,000m2 engineering and manufacturing facility recently completed in Qiantang New District, Hangzhou. Read more…

Toshiba Carrier plans air conditioning factory in Poland21 January 2020
JAPAN: Toshiba Carrier is to establish a JPY3bn ($27m) air conditioning and heating factory in Poland. Read more…

Toshiba Carrier confirms India JV23 August 2018
JAPAN: Toshiba Carrier has confirmed news that it is to commence production of VRF air conditioning units in India. Read more…

Toshiba Carrier builds China R&D centre1 August 2018
CHINA: Toshiba Carrier is set to build an air conditioning technology centre in Hangzhou, China, to enhance its R&D and manufacturing facilities. Read more…

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