Carrier to complete Toshiba Carrier jv purchase early August
28th July 2022
USA: Carrier has revealed that the acquisition of Toshiba’s 60% stake in the Toshiba Carrier joint venture is expected to be completed in early August.
Speaking during today’s second quarter financial results announcement, which reported organic sales up 7%, Carrier chairman and CEO David Gitlin said the company was excited at the opportunities that the combined Carrier and Toshiba Carrier Corporation portfolio and enhanced market position would present in the “fast-growing” VRF, light commercial and heat pump markets.
The sale, reported to be valued at around $870m, will bring to an end the Japanese/US joint venture agreement signed in 1999.
Carrier’s second quarter sales of $5.2bn were down 4% compared to the prior year driven by the Chubb divestiture, but organic sales grew 7% over the same period.
Sales strength continued in the HVAC segment, with North America residential and light commercial up double-digits in the quarter. Commercial HVAC strength also continued, with orders up double digits for the sixth consecutive quarter. Refrigeration sales were up 9% organically, with both transport and commercial refrigeration up high single-digits.
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