March 27, 2015: Toshiba, United Technologies to Localize Operations of HVAC Joint Venture
Collaboration Will Focus on North America, Europe, and India
TOKYO — Toshiba Corp. and United Technologies Corp. have announced plans to establish engineering centers in North America, Europe, and India to support localized development of HVAC 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 Corp. (TCC).
The plan will leverage Carrier’s global footprint, with new engineering centers expected in North America, Europe, and India 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 Carrier Corp. 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 Hisao Tanaka, CEO and president of Toshiba Corp. “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.”
For more information about Toshiba, visit www.toshiba.co.jp/index.htm.
For more information about United Technologies Corp., visit www.utc.com.
Publication date: 3/23/2015