April 27, 2015: Carrier and Midea to Expand Strategic Partnership
The Companies Established Their First Joint Venture in 2008
CHONGQING, China — Carrier Asia Ltd. is acquiring a minority stake in Chongqing Midea General Refrigeration Equipment Co. Ltd. (CQ Midea), an extension of its long-term strategic partnership with Midea Group Co. Ltd., China’s leading manufacturer and wholesaler of electric appliances.
CQ Midea is Midea’s commercial air conditioning business, manufacturing a range of centrifugal, screw, and modular chillers as well as airside products. Carrier and Midea established their first joint venture in 2008, Foshan Midea Carrier Air-Conditioning Equipment Co. Ltd., manufacturing residential Carrier-brand products for distribution worldwide. The business relationship between Midea and Carrier has since successfully expanded to include joint ventures in Brazil, Argentina, Chile, India, and Egypt. Carrier’s investment in CQ Midea will support its growth outside of China.