Geraud Darnis, president & CEO, UTC Building & Industrial Systems, together with Paul Fang, chairman and president, Midea Group, and Liu Zhongtang, general manager of Chongqing General Industry Group, signed the strategic cooperation.
Carrier Asia Ltd. is acquiring a minority stake in Chongqing Midea General Refrigeration Equipment Co. Ltd. (CQ Midea), an extension of its long-term strategic partnership with Midea Group Co. Ltd., China's leading manufacturer and wholesaler of electric appliances. Carrier, the world's leader in high-technology heating, air-conditioning and refrigeration solutions, is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp. (NYSE: UTX).
CQ Midea is Midea's commercial air-conditioning business, manufacturing a range of centrifugal, screw and modular chillers as well as airside products. Carrier and Midea established their first joint venture in 2008. Carrier's investment in CQ Midea will support its growth outside China.
"Internationalization has always been a strategic goal of CQ Midea," said Paul Fang, chairman and president, Midea Group. "In the HVAC segment, Carrier has a team of experienced experts, industry-leading technologies and a top-tier quality assurance system. Collaborating with a brand like Carrier is an important step forward for Midea."
At the signing ceremony, Geraud Darnis, president and CEO, UTC Building & Industrial Systems, emphasized, "The growth of our joint ventures underlines the strength of our partnership and the mutual respect we share. Both Midea and Carrier bring unique capabilities, creating a solid platform for the success of both companies."
