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Carrier and Midea Agree to Form Joint Venture in India
 FARMINGTON, CT, Jan. 9, 2012
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. The joint venture is subject to customary closing conditions and is expected to be operational in 2012. About Carrier About Midea Contact: |
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