The acquisition strengthens Carrier’s position in the fast-growing, stable and highly efficient variable refrigerant flow (VRF) market segments to support customers’ decarbonization efforts
PALM BEACH GARDENS, Fla., July 31, 2022 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR ), the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has completed its acquisition of substantially all of Toshiba Corporation (Tokyo: 6502) ownership shares in Toshiba Carrier Corporation (TCC). A long-standing joint venture between Carrier and Toshiba, TCC is a global provider of residential and light commercial HVAC solutions, including VRF and heat pump products.
“This acquisition presents tremendous growth opportunities for Carrier in the fast-growing, energy-efficient VRF and heat pump markets,” said David Gitlin, Chairman and CEO, Carrier. “Toshiba Carrier’s differentiated technology, strong pipeline and global design and manufacturing footprint allow us to capitalize on the growing trends in electrification and sustainability. We are excited to welcome TCC’s 6,600 talented employees to the Carrier family.”
Building on Carrier’s previous acquisition of Guangdong Giwee Group, TCC 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 Siddiquia seasoned Carrier executive who will report directly to the HVAC segment President Chris Nelson. God. Toru Kubowho has served as President and CEO of TCC, will join the Global Comfort Solutions leadership team reporting to Siddiqui.
The carrier acquired substantially all of Toshiba’s interest in TCC for approx 900 million dollars, subject to customary closing arrangements. For fiscal year 2021, TCC had annual sales of approx 2 billion dollars.
About the Carrier
As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. Since the beginning, we have led the way in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class and diverse workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.
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SOURCE Carrier Global Corporation