Carrier Corp. and Guangdong Midea Electric Appliances Co., Ltd. have signed an agreement to form an air-conditioning manufacturing joint venture, Foshan Midea Carrier Air Conditioning Equipment Co., Ltd, in Shunde, China. Midea will hold a 60% stake and Carrier will hold the minority stake in the joint venture.
The Midea-Carrier joint venture will produce residential and light commercial duct-free split air-conditioning systems exclusively for Carrier for the global market. The partners expect the manufacturing facility to be fully operational by the end of the year. Midea and Carrier will invest 200 million Yuan (approx. US$29 million) in registered capital to establish the new company.
to Daily News