Carrier Completes Acquisition of Toshiba’s Residential and Light Commercial HVAC Business

Acquisition Strengthens Carrier’s Position in the Fast-Growing, Sustainable and Highly Efficient Market Segments of Variable Refrigerant Flow (VRF) and Heat Pumps to Support Customers’ Decarbonization Efforts

PALM BEACH GARDENS, Florida., July 31, 2022 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR), the world’s leading provider of healthy, safe, sustainable and smart building and cold chain solutions, has completed the acquisition of substantially all of the business of Toshiba Corporation (TOKYO: 6502) stake in Toshiba Carrier Corporation (TCC). A long-standing joint venture between Carrier and Toshiba, TCC is a global provider of residential and light commercial HVAC solutions, including VRF products and heat pumps.

“This acquisition presents tremendous growth opportunities for Carrier in the fast-growing, energy-efficient VRF and heat pump markets,” said David Gitlin, Chairman and Chief Executive Officer, Carrier. “Toshiba Carrier’s differentiated technology, strong network and global design and manufacturing footprint allow us to benefit from growing trends in electrification and sustainability. We are delighted to welcome TCC’s 6,600 talented employees to the Carrier family.

Building on Carrier’s previous acquisition of Guangdong Giwee Group, TCC will join the new Global Comfort Solutions business unit within Carrier’s HVAC segment. The new company will be headquartered in Tokyo under the direction of Saif Siddiquia seasoned Carrier leader who will report directly to the President, HVAC Segment chris nelson. Mr. Toru Kubowho served as President and CEO of TCC, will join the Global Comfort Solutions leadership team reporting to Siddiqui.

Carrier acquired substantially all of Toshiba’s interest in TCC for approximately $900 million, subject to customary closing adjustments. For fiscal year 2021, TCC achieved annual revenue of approximately $2 billion.

About the carrier
As the world’s leading provider of healthy, safe, sustainable and smart building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, more sustainable and more comfortable for generations to come. From the beginning, we have pioneered new technologies and entirely new industries. Today, we continue to lead because we have a diverse, world-class workforce that puts the customer at the center of everything we do. For more information, visit or follow Carrier on social media at @Carrier.

This communication contains statements which, to the extent that they are not statements of historical or current fact, constitute “forward-looking statements” under securities laws. These forward-looking statements are intended to provide management’s current expectations or plans regarding Carrier’s future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe”, “expect”, “expectations”, “plans”, “strategy”, “outlook”, “estimate”, “project”, ” target”, “anticipate”, “will”, “should”, “see”, “direction”, “outlook”, “confident”, “scenario” and other words of similar meaning in connection with a discussion of operational performance or future financial statements or separation from United Technologies Corporation (the “Separation”), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, stock repurchases, tax rates and other measures of financial performance or Carrier’s potential future plans, strategies or transactions, estimated costs associated with the Separation, Carrier’s plans regarding its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. For information on identifying factors that could cause actual results to differ materially from those set forth in the forward-looking statements, see Carrier’s reports on Forms 10-K, 10-Q, and 8-K. filed with or furnished to the United States Securities and Exchange Commission. from time to time. Any forward-looking statement speaks only as of the date the statement is made, and Carrier undertakes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Carrier Global Corporation

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