Toshiba Corporation and Carrier Corporation Announce Heating, Ventilation, and Air Conditioning Global Alliance|
31 August, 1998
Tokyo--Toshiba Corporation today announced the signing of a memorandum of understanding with the intent of forming a global alliance with Carrier Corporation, the world's largest manufacturer of air conditioning equipment/ systems, and a subsidiary of United Technologies Corporation. This partnership will focus their complementary capabilities on the development, manufacture and sales and marketing of air-conditioning equipment and systems to cultivate the ever-growing global marketplace for air-conditioning systems.
Under this alliance, Toshiba Corporation will separate its Air Conditioning Equipment Division, and establish a joint venture company in Japan called Toshiba Carrier Corporation.
Toshiba is a Japanese leader in residential and light commercial air-conditioning, ventilation and compressors. Toshiba's Air Conditioning Equipment Division had 1997 fiscal year sales of $1.1 billion. Carrier is the world's largest manufacturer of air conditioning, heating and refrigeration equipment for commercial, industrial, and residential applications; HVAC (heating, ventilation, and air conditioning) replacement parts and services; building controls; and transport refrigeration equipment. Carrier's worldwide sales in 1997 were $6.1 billion.
The new global alliance will highlight the technology leadership and manufacturing experience of both companies and combine their complementary sales and marketing networks. This partnership allows Carrier and Toshiba Carrier Corporation to market HVAC products with both the Carrier and Toshiba trademarks worldwide.
Besides forming a joint venture in Japan, a manufacturing/ production joint venture will be established between Toshiba Carrier Corporation and Carrier in the U.K. and Thailand. Both companies will also set up a marketing and sales joint venture in the U.K., Thailand and Malaysia. These steps will allow Toshiba and Carrier to promote further penetration of their products and brands to the world market.
The alliance embraces four key points;
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