Written on: August 1, 2022 by ICM
Carrier Global Corp. has completed its acquisition of substantially all of Toshiba Corp.’s ownership stake in Toshiba Carrier Corp. (TCC) for $900 million. A long-standing joint venture between Carrier and Toshiba, TCC is a global provider of residential and light commercial HVAC solutions, including VRF and heat pump products.
The acquisition is expected to strengthen 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.
“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. Mr. Toru Kubo, who has served as President & CEO of TCC, will be joining the Global Comfort Solutions leadership team reporting to Siddiqui.
For the fiscal year 2021, TCC had annual sales of approximately $2 billion.