Carrier Corp. and Guangdong Midea Electric Appliances Co. Ltd. have agreed to form an air-conditioning manufacturing joint venture in Shunde, China. It will be called Foshan Midea Carrier Air Conditioning Equipment Co. Ltd. Midea will hold a 60% stake in the joint venture, and Carrier will be the minority stake-holder.
The two companies said the joint venture will produce residential and light commercial duct-free split air-conditioning systems exclusively for Carrier for the global market. The manufacturing facility is expected to be operating by the end of the year.
Midea and Carrier will invest 200 million yuan (US$29 million) in registered capital to establish the new company. "Carrier has a rich history in China and this investment demonstrates our ongoing commitment to China and its HVACR markets," says Geraud Darnis, Carrier chairman and president.
Carrier is a unit of United Technologies Corp. Midea Electric is a unit of the Midea Group.
