Joint venture to strengthen Carrier geothermal and water-source heat pump offerings
November 19, 2013
Carrier has signed an agreement with Robert Bosch North America Corporation to form a joint venture to develop and manufacture geothermal and water-source heat pumps for the North American residential and commercial segments. The transaction completion is pending necessary regulatory approvals. Carrier is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp. With sales of geothermal heat pumps expected to nearly triple by 2020, Carrier entered into the agreement to enhance its offerings and service to the growing market. Moving forward, Carrier geothermal and watersource heat pumps will be developed and manufactured at the JV’s Florida Heat Pump manufacturing plant in Fort Lauderdale, FL. Sales channels and the respective brands for each company will remain independent of one another.
“The Carrier team is excited by the opportunities this agreement will provide,” said Chris Nelson, president, residential and commercial systems, Carrier. “By bringing together the strengths of both companies, from Carrier’s rich legacy of innovation to Bosch’s well-equipped manufacturing plant in Fort Lauderdale, we will deliver a high level of value to our customers.”
“Geothermal heating is one of the most cost-effective and environmentally responsible heating and cooling options available to consumers,” said Richard Soper, president, Bosch Thermotechnology Corp. “Establishing a relationship between Carrier and Bosch will allow us to leverage our research and development resources and continue to deliver high quality manufactured products to our customers.”