New Toshiba Carrier Corp. looks for global expansion
Air Conditioning, Heating & Refrigeration News, September, 1998
FARMINGTON, Conn. - Carrier Corp. has agreed to form a strategic alliance with Toshiba Corp., a Japanese manufacturer of residential and light commercial air conditioning and ventilation equipment, including compressors.
Under terms of this alliance, Toshiba will separate its air conditioning equipment division from the parent company and form a Japan-based joint venture with Carrier.
Carrier will own 40% of Toshiba Carrier Corp. and Toshiba will own 60%. Carrier's current Japanese subsidiary, Toyo Carrier, will become a part of the new joint venture company.
According to The Wall Street Journal, Toyo Carrier has about $200 million in annual sales, and Carrier also will make a cash payment of undetermined size.
Carrier had 1997 worldwide hvac...
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