PR Newswire
01 Aug 2022, 11:30 GMT+10
Acquisition strengthens Carrier's position in the fast-growing, sustainable and highly efficient variable refrigerant flow (VRF) and heat pump market segments to support customers' decarbonization efforts
PALM BEACH GARDENS, Fla., Aug. 1, 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's (TOKYO: 6502) ownership stake in Toshiba Carrier Corporation (TCC). A longstanding 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 & CEO, Carrier. "Toshiba Carrier's differentiated technology, strong channel and global design and manufacturing footprint allow us to benefit from growing electrification and sustainability trends. We are thrilled to welcome the 6,600 talented TCC 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 Siddiqui, a seasoned Carrier leader who will report directly to HVAC segment President Chris Nelson. Mr. Toru Kubo, who has served as President & CEO of TCC, will be joining the Global Comfort Solutions leadership team reporting to Siddiqui.
Carrier acquired substantially all of Toshiba's interest in TCC for approximately $900 million, subject to customary closing adjustments. For the fiscal year 2021, TCC had annual sales of approximately $2 billion.
About 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. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, 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.
Media Contact: | Ashley Barrie |
860-416-3657 | |
Investor Contact: | Sam Pearlstein |
561-365-2251 | |
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation from United Technologies Corporation (the "Separation"), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Carrier Global Corporation
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationDHAKA, Bangladesh - Michelle Bachelet has urged the Bangladesh government to establish an independent investigation into allegations of enforced disappearances. ...
LONDON, England: Despite a legal challenge in London's High Court in early September, the UK government is continuing to pursue ...
NEW DELHI, India: During his national day address this week, Prime Minister NarendraModi said India will seek to become a ...
LONDON, England: The cap on flight departures from London's Heathrow Airport will beextended until October 29, airport officials announced.Heathrow capped ...
BERLIN, Germany: Highlighting Berlin's increasing focus on assisting in the Indo-Pacific region amidst rising tensions with China over Taiwan, Germany ...
PARIS, France: French firefighters have stopped the spread of a "monster" wildfire in the country's southwest, allowing the reopening of ...
NEW YORK CITY, New York: The American hedge fund Third Point has purchased a stake worth some $1 billion in ...
NEW YORK, New York - Investors were divided on Thursday as to where to send U.S. stocks. Jitters about inflation, ...
WELLINGTON, New Zealand: During his visit to New Zealand, Ambassador Sujiro Seam, Head of the Delegation of the European Union ...
BANGKOK, Thailand: Instant noodle makers have asked Thailand to allow them to increase their prices to meet rising costs, which ...
NEW YORK, New York - U.S. industrial stocks interrupted their five-day rally on Wednesday with all the major indices losing ...
BANGKOK, Thailand: Thailand seeks to invest $61.97 billion in its industrial eastern region over the next five years, in a ...