Carrier, Midea Launch Residential Ductless HVAC Joint Venture in North America
Carrier, a world leader in high-technology heating, ventilating, air conditioning and refrigeration (HVACR) solutions, and Midea America, a subsidiary of Midea Group Co., Ltd. (SZ:000333), the world’s largest producer of major appliances, today announced the launch of Carrier Midea North America. The new joint venture will bring together Carrier’s extensive distribution network and Midea’s ductless development expertise to meet growing demand in North America for residential ductless HVAC systems. Carrier, part of UTC Climate, Controls & Security, a unit of United Technologies Corp. (NYSE:UTX), will hold the majority ownership position.
Midea is a long-time global supplier of residential ductless HVAC systems to Carrier. Through the creation of the joint venture, Carrier and Midea will transform their existing supplier relationship into a long-term collaboration dedicated to better meeting North American demand for energy-efficient residential ductless solutions.
“The ductless HVAC segment continues to grow in North America as residential customers look to efficiently and easily address comfort in their home, from a single room to their entire home,” said Chris Nelson, President, North America HVAC Systems & Services, Carrier. “This relationship will provide homeowners and contractors with a better, more efficient ductless product portfolio they demand, backed by a global ductless system manufacturer, Midea.”
“We are pleased to be able to partner with an iconic brand with a well-established distribution channel in North America,” said Kurt Jovais, President, Midea America Corp. “The collaboration will help us reach more customers with our innovative and energy-efficient ductless systems.”
Founded by the inventor of modern air conditioning, Carrier is a world leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. For more information, visit www.carrier.com or follow @Carrier on Twitter.
Established in 1968, Midea (SZ:000333) is a publicly listed, Fortune 500 company, that offers one of the most comprehensive ranges in the home appliance industry. Midea specializes in air treatment, refrigeration, laundry, large cooking appliances, kitchen appliances, water appliances, floor care and lighting. Headquartered in Southern China, Midea is a truly global company with over 100,000 employees and operations in more than 200 countries. The company has 21 production facilities and 260 logistics centers worldwide. After nearly 50 years of continued growth, Midea now generates annual revenue of USD 23 billion.
Midea is the world’s largest producer of major appliances and the world’s No. 1 brand of air-treatment products, air-coolers, kettles and rice cookers.* Each year, Midea wins 40+ design awards at different global design shows such as reddot, iF, and Good Design Award.
To learn more about Midea, please visit midea.com
*Euromonitor International Limited; Consumer Appliances 16ed