Ingersoll Rand, Mitsubishi Electric to sell products in U.S. and Latin America
January 22, 2018 | By Jillian Morgan
The agreement is pending global antitrust reviews and customary closing conditions.
Ingersoll Rand and Mitsubishi Electric have entered a 50 per cent-50 per cent joint venture to sell air conditioners and heat pumps in the U.S. and select countries in Latin America.
The variable-speed mini-split, multi-split and VRF air conditioners and heat pumps are intended for residential and commercial applications.
The venture hopes to join Ingersoll Rand’s residential and commercial distribution network with Mitsubishi Electric’s products, channels and brand.
“The unique value of the joint venture is the pairing of premium systems, extensive distribution, deep technical, product and applications expertise, and allows us to leverage Ingersoll Rand’s vast service capability,” said David Regnery, executive vice president of Ingersoll Rand.
Products will be distributed with the Trane or American Standard brand and the Mitsubishi Electric corporate logo to Ingersoll Rand channels. Mitsubishi Electric’s U.S. distributors and representatives will receive a Mitsubishi Electric branded product.
Marketing, sales and distribution will be completed through Trane and American Standard channels and existing Mitsubishi Electric distributors and representatives in the U.S. and Latin America.
A chief executive officer will be named from Mitsubishi Electric, and a chief financial officer will be named from Ingersoll Rand. The business will be headquartered in Suwanee, GA.
Ingersoll Rand and Mitsubishi Electric U.S., a subsidiary of Mitsubishi Electric Corporation, will have equal ownership.
Canada is not included in the joint venture, which is expected to be operational in the first half of 2018. www.ingersollrandproducts.com www.mitsubishielectric.ca
