Toshiba, United Technologies Sign Agreement to Localize HVAC Venture

Toshiba Corporation and United Technologies Corporation announced plans to establish India, North America and Europe to support global innovation for heating, ventilating and air-conditioning engineering centers in products.

This cooperation is the first to result from the companies’ recent agreement to further strengthen their strategic collaboration through their joint venture, Toshiba Carrier Corporation (TCC).

The plan will leverage Carrier’s global footprint, with new engineering centers expected in India, North America and Europe within the next five years. The two companies also agreed on plans to localize manufacturing in the same regions in a similar time frame.

Toshiba Corporation is a world-leading manufacturer and provider of electric and electrical products and systems; and UTC, of which Carrier is a part, is the world’s largest provider of building technologies. TCC was formed in 1999, when Toshiba and Carrier joined forces to bring leading Japanese technology to markets worldwide.

In October 2014, Toshiba and UTC signed an agreement to expand their strategic collaboration that included an outline for enhancing cooperation in HVAC through TCC, targeting to accelerate growth and aiming to double the unit’s annual revenues in the next decade. The companies will also continue to explore collaboration on smart cities and machine-to-machine solutions.

“I am delighted to see UTC and Toshiba proactively forwarding our strategic collaboration and shaping up plans in the HVAC field,” said Mr. Hisao Tanaka, CEO and President of Toshiba Corporation. “The establishment of joint engineering centers and manufacturing will give Toshiba local product development, manufacturing and sales in key regions, which will increase our global footprint while allowing us to provide customers with greater value through localized solutions. At Toshiba, our diverse capabilities range from devices to battery and inverter technologies, and I hope to see this collaboration in HVAC become an engine that drives future cooperation between Toshiba and UTC and further strengthen ties between us.”

“This agreement is a milestone in the long and successful relationship between United Technologies and Toshiba,” said Geraud Darnis, President and CEO, UTC Building & Industrial Systems. “Through our expanded collaboration, our joint venture is positioned to pioneer new, innovative and customized solutions for customers around the world.”