China’s leading home appliance maker GD Midea Holding Co Ltd and Carrier Corporation, a heating, air-conditioning and refrigeration solutions provider and a business of the US-based United Technologies Corp (UTC), have inked a joint venture to start an air-conditioning manufacturing and distribution initiative in India, the company has said in a statement.
Under the deal, GD Midea will hold 60 per cent stake in the JV and Carrier will own 40 per cent stake through their respective affiliated entities, the statement added.
Carrier is part of UTC Climate, Controls & Security Systems, engaged in the manufacture and distribution of heating, ventilating, air-conditioning, refrigeration, chiller and food service equipment. The company was founded in 1915 and is based in Farmington, Connecticut. Carrier operates as a subsidiary of United Technologies Corp.
In December last year, Carrier acquired Sauter Race Technologies, a building automation and management systems firm, for an undisclosed sum.
“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 of UTC Climate, Controls & Security Systems, while commenting on the joint venture.
The JV will primarily manufacture and distribute residential air-conditioning systems and bring together Carrier and Midea’s complementary residential segment operations in India, while significantly expanding manufacturing scale and product portfolio.
Incorporated in 1968, GD Midea manufactures and sells heating and air-conditioning systems, home appliances, lighting systems, motors, compressors and other industrial components in China and also in global markets.
