Carrier to Acquire Toshiba’s Global VRF and Light Commercial HVAC Business
February 8, 2022 | By Logan Caswell
Carrier's acquisition will include all of TCC's advanced research & development centres and global manufacturing operations.
Carrier has agreed to acquire Toshiba Corp.’s ownership stake in Toshiba Carrier Corp. (TCC).
Established in 1999, TCC designs and manufactures VRF and light commercial HVAC systems utilizing its own proprietary inverter technology, as well as commercial products, compressors and heat pumps. VRF delivers heating and cooling through systems that are typically all-electric and is consistent with Carrier’s sustainability goals to reduce its customers’ carbon footprint by more than one gigaton by 2030.
Carrier’s acquisition will include all of TCC’s research & development centres and global manufacturing operations, product pipeline, and the long-term use of Toshiba’s brand.
“Carrier sees significant growth potential in the global VRF, light commercial and heat pump segments and is excited by the opportunity to expand our business through this strategic acquisition. TCC’s proven R&D expertise, strong global brand and talented employees will be tremendous additions to Carrier’s multi-brand channel strategy,” said Dave Gitlin, Chairman & CEO, Carrier. “We look forward to offering complementary, high-performance and sustainable solutions to our customers that will help them achieve their environmental goals.”
The announcement builds on Carrier’s recent acquisition of Guangdong Giwee Group, a China-based manufacturer of HVAC products, offering a portfolio of high-quality products including VRF and light commercial air conditioners.
The acquisition is expected to close in the coming months.