Carrier Enters Into Partnership With Alarko, Leading Turkish Manufacturer and Distributor of Air Conditioning and Heating Equipment.FARMINGTON, Conn.--(BUSINESS WIRE)--April 20, 1998--Carrier Corporation announced today it will expand its presence in Turkey with the purchase of a 42-percent share of Alarko Sanayi ve Ticaret A.S., a leading, Istanbul based, Turkish manufacturer and distributor of heating and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. products with 1997 sales exceeding $100 million. Alarko is listed on the Istanbul Stock Exchange Istanbul Stock Exchange The sole securities exchange in Turkey. and is part of the Alarko Group of Companies, one of the largest Turkish holding companies. "Alarko has established itself as a leading manufacturer and distributor of heating and cooling products, including a broad range of boilers, panel radiators, and commercial and residential air-conditioning equipment. Alarko's strong position in the growing Turkish market, combined with Carrier's technology and worldwide distribution, represents an excellent opportunity for both companies," said Carrier European & Transcontinental President Geraud Darnis. "Our complementary product offerings will strengthen our ability to serve heating and air conditioning customers in Turkey and throughout Central & Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. and Central Asia." The transaction is subject to governmental approvals before completion. Carrier Corporation is the world's largest manufacturer of heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. and air conditioning equipment. It is a subsidiary of United Technologies Corporation, a provider of a broad range of high technology products and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services in the building systems, aerospace and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר . CONTACT: Carrier Corporation Matthew Chadderdon, 315-432-6625 |
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