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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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This communication contains statements that constitute “forward-looking statements” under the securities laws unless they are statements of historical or current fact. These forward-looking statements are intended to present management’s current expectations or plans for the carrier’s future operating and financial performance based on assumptions currently believed to be accurate. Forward-looking statements can be identified by using words such as “believe”, “expect”, “expect”, “plans”, “strategy”, “hopes”, “estimate”, “project”, “target”. “predict,” “will,” “foresee,” “guide,” “outlook,” “confidence,” “projection,” and other words of similar meaning in connection with or in connection with discussions of future operating or financial performance are from United Technologies Corporation (“Identified”) since Raytheon Technologies Corporation was renamed Raytheon Technologies Corporation. broke up. Forward-looking statements may include, among other things, statements regarding future sales, earnings, cash flows, results of operations, cash utilization, share repurchases, tax rates and other measures of financial performance or future plans, strategies or transactions. carrier, estimated costs related to the separation, carrier’s plans regarding the indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. See Carrier’s reports on Forms 10-K, 10-Q and 8-K filed or filed with the US Securities and Exchange Commission for additional information on the circumstances that could cause actual results to differ materially from those expressed in forward-looking statements. from time to time. Any forward-looking statement speaks only as of the date it is made, and Service Provider undertakes 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
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