Carrier and Midea Agree to Form Joint Venture in India
Carrier and GD Midea Holding announced that a definitive agreement has been executed to form an air conditioning manufacturing and distribution joint venture in India. Midea will own 60 percent of the joint venture and Carrier 40 percent, through their respective affiliated entities. Midea is a leading residential air-conditioning manufacturer in the world. Carrier, part of UTC Climate, Controls & Security Systems, 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. Carrier and Midea have existing partnerships in China, Egypt, Brazil, Argentina and Chile.
The joint venture will primarily manufacture and distribute residential air-conditioning systems and will bring together Carrier and Midea’s complementary residential segment operations in India, while significantly expanding manufacturing scale and product portfolio to further enhance customer offerings and services.
"This joint venture is a significant milestone in Carrier’s successful relationship with Midea and is a unique opportunity to build on the strengths of both companies in the residential segment to better serve our customers and increase our growth prospects in India," said Geraud Darnis, president and CEO, UTC Climate, Controls & Security Systems.
Carrier’s commercial solutions and services business in India are outside the scope of this joint venture. Carrier India will continue to provide a comprehensive suite of sustainable building solutions to customers.
The joint venture is subject to customary closing conditions and is expected to be operational in 2012.
Carrier 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 food service customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is a part of UTC Climate, Controls & Security Systems, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.
GD Midea Holding Co. Ltd., is a leading residential air conditioning manufacturer in the world. GD Midea Holding Co. Ltd. is part of the Midea Group, one of the largest white appliance manufacturers and distributors in the world providing a complete range of white appliance products.