Carrier to buy added stake in air conditioning JV from Toshiba in ¥100B deal

  • Carrier (NYSE:CARR) says it agreed to acquire nearly all of Toshiba's (OTCPK:TOSBF, OTCPK:TOSYY) 60% stake in the Toshiba Carrier air conditioning joint venture for ~¥100B ($869M); the deal will reduce Toshiba's stake in the company to 5%.
  • Carrier says the deal will strengthen its position in one of the fastest-growing HVAC segments and scale its variable refrigerant flow product platform.
  • For Toshiba, the deal is expected to be followed by a more far-reaching restructuring into two companies announced at its Investor Day, in which it will split off its device business, including the semiconductor sector; the company previously planned to split into three parts.
  • Carrier's announcement builds on last year's acquisition of Guangdong Giwee Group, a China-based manufacturer of HVAC products.

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