PR97282

PALM BEACH GARDENS, Fla., Aug. 1, 2022 /PRNewswire=KYODO JBN/ --

-- Acquisition strengthens Carrier's position in the fast-growing, sustainable

and highly efficient variable refrigerant flow (VRF) and heat pump market

segments to support customers' decarbonization efforts

Carrier Global Corporation (

https://c212.net/c/link/?t=0&l=en&o=3608558-1&h=1470389937&u=https%3A%2F%2Fwww.corporate.carrier.com%2F&a=Carrier+Global+Corporation

) (NYSE: CARR), the leading global provider of healthy, safe, sustainable and

intelligent building and cold chain solutions, has completed its acquisition of

substantially all of Toshiba Corporation's (TOKYO: 6502) ownership stake in

Toshiba Carrier Corporation (TCC). A longstanding joint venture between Carrier

and Toshiba, TCC is a global provider of residential and light commercial HVAC

solutions, including VRF and heat pump products.

Logo - https://mma.prnewswire.com/media/985365/Carrier_Logo.jpg  

"This acquisition presents tremendous growth opportunities for Carrier in the

fast-growing, energy-efficient VRF and heat pump markets," said David Gitlin,

Chairman & CEO, Carrier. "Toshiba Carrier's differentiated technology, strong

channel and global design and manufacturing footprint allow us to benefit from

growing electrification and sustainability trends. We are thrilled to welcome

the 6,600 talented TCC employees to the Carrier family."

Building on Carrier's previous acquisition of Guangdong Giwee Group, TCC will

join the newly created Global Comfort Solutions business unit within Carrier's

HVAC segment. The new business will be headquartered in Tokyo under the

leadership of Saif Siddiqui, a seasoned Carrier leader who will report directly

to HVAC segment President Chris Nelson. Mr. Toru Kubo, who has served as

President & CEO of TCC, will be joining the Global Comfort Solutions leadership

team reporting to Siddiqui.  

Carrier acquired substantially all of Toshiba's interest in TCC for

approximately $900 million, subject to customary closing adjustments. For the

fiscal year 2021, TCC had annual sales of approximately $2 billion.

About Carrier

As the leading global provider of healthy, safe, sustainable and intelligent

building and cold chain solutions, Carrier Global Corporation is committed to

making the world safer, sustainable and more comfortable for generations to

come. From the beginning, we've led in inventing new technologies and entirely

new industries. Today, we continue to lead 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

at @Carrier.

Media Contact:    

Ashley Barrie

 +1-860-416-3657

Ashley.Barrie@Carrier.com

Investor Contact:  

Sam Pearlstein

+1-561-365-2251

Sam.Pearlstein@carrier.com

Cautionary Statement

This communication contains statements which, to the extent they are not

statements of historical or present fact, constitute "forward-looking

statements" under the securities laws. These forward-looking statements are

intended to provide management's current expectations or plans for Carrier's

future operating and financial performance, based on assumptions currently

believed to be valid. Forward-looking statements can be identified by the use

of words such as "believe," "expect," "expectations," "plans," "strategy,"

"prospects," "estimate," "project," "target," "anticipate," "will," "should,"

"see," "guidance," "outlook," "confident," "scenario" and other words of

similar meaning in connection with a discussion of future operating or

financial performance or the separation from United Technologies Corporation

(the "Separation"), since renamed Raytheon Technologies Corporation.

Forward-looking statements may include, among other things, statements relating

to future sales, earnings, cash flow, results of operations, uses of cash,

share repurchases, tax rates and other measures of financial performance or

potential future plans, strategies or transactions of Carrier, the estimated

costs associated with the Separation, Carrier's plans with respect to its

indebtedness and other statements that are not historical facts. All

forward-looking statements involve risks, uncertainties and other factors that

may cause actual results to differ materially from those expressed or implied

in the forward-looking statements. For additional information on identifying

factors that may cause actual results to vary materially from those stated in

forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K

filed with or furnished to the U.S. Securities and Exchange Commission from

time to time. Any forward-looking statement speaks only as of the date on which

it is made, and Carrier assumes 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