Service Provider Toshiba Global Residential and Light Commercial HVAC Completed a business purchase

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Access to the fast-growing sustainable and highly efficient variable refrigerant flow (VRF) and heat pump market segments will strengthen the service provider’s position to support customers’ carbonization efforts.

Palm Beach Gardens, Fla., July 31, 2022 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR ), a leading global provider of healthy, safe, sustainable and smart building and cold chain solutions, has completed its acquisition of Toshiba Corporation.Tokyo6502) ownership stake in Toshiba Carrier Corporation (TCC). A long-term joint venture between a service provider and Toshiba, TCC is a provider of residential and light commercial HVAC solutions, including VRF and heat pump products.

“This acquisition provides significant growth opportunities for Carrier in the fast-growing, energy-efficient VRF and heat pump markets,” he said. David Gitlin, Chairman and CEO, Carrier. “Toshiba Carrier’s diversified technology, strong channel and global design and manufacturing footprint allow us to benefit from growing trends in electric and sustainability. We are thrilled to welcome TCC’s 6,600 talented employees to the carrier family.”

Building on the previous acquisition of service provider Guangdong Giwe Group, TCC will join the newly created Global Comfort Solutions business unit within the service provider’s HVAC division. It will be the new business headquarters. Tokyo Under the leadership Saif Siddiquian experienced service provider leader reporting directly to the HVAC Division President Chris Nelson. Mr. Toru KuboHe will join the Global Comfort Solutions leadership team reporting to CDK, who previously served as President and CEO of TCC.

The carrier acquired Toshiba’s interest in TCC for approx 900 million dollars, subject to customary closing adjustments. For fiscal year 2021, TCC had annual sales of approx. 2 billion dollars.

About carrier
As a leading global provider of healthy, safe, sustainable and smart building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, more sustainable and more livable for generations to come. From the beginning, we have led the way in creating new technologies and completely new industries. We continue to lead today 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 @Carrier.

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SOURCE Carrier Global Corporation

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