Carrier and Toshiba Make it Official, Form Global Strategic Alliance.FARMINGTON, Conn.--(BUSINESS WIRE)--April 1, 1999--What was agreed to in principle seven months ago became official today as Carrier Corporation and Toshiba Corporation (company) Toshiba Corporation - A Japanese technology manufacturer with 364 subsidiaries worldwide. Toshiba makes and sells electronics for home, office, industry and health care including information and communication systems, electronic components, heavy electrical apparatus, announced the formation of a global strategic alliance in the heating, ventilation, air conditioning and refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. (HVACR HVACR Heating Ventilation Air Conditioning and Refrigeration ) industry. Toshiba is a Japanese leader in residential and light commercial air conditioning, ventilation, refrigeration equipment and compressors. Carrier is the world's largest manufacturer of HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems and equipment, with 1998 worldwide sales of $6.9 billion. Toshiba's air conditioning equipment division had 1997 fiscal year sales of $1.1 billion. The alliance combines Carrier's and Toshiba's complementary product offerings and capabilities in technology innovation, manufacturing, quality assurance, and sales and marketing. "This unique partnership will truly change our industry," said John R. Lord, Carrier president. "It allows Carrier to expand our presence in Japan, the single largest market outside of the United States for air conditioning equipment. We are encouraged at the prospects of improving our competitiveness throughout the world with world class technology and the Carrier and Toshiba trademarks." Toshiba's products incorporate several technological advances, including power electronics, variable speed systems, alternative refrigerants Chemical refrigerants are assigned an R number(sometimes the label replaces it with the word Freon) which is determined systematically according to molecular structure. The following is a list of refrigerants with their R numbers, IUPAC chemical name, molecular formula, and CAS number. and compression. "In addition, this joint venture will help us further improve our manufacturing quality and field reliability, and give us access to the powerful Toshiba brand name for air conditioning anywhere in the world," said Lord. Under terms of this alliance and effective today, Toshiba's entire Air Conditioning Equipment Division separates from the parent company to form with Carrier a Japan-based joint venture headquartered in Fuji City, Japan. Carrier owns 40 percent of the new Toshiba Carrier Corporation and Toshiba owns 60 percent. Carrier's current Japanese subsidiary, Toyo Carrier, becomes part of the new joint venture company. In addition, Carrier and Toshiba Carrier Corporation form manufacturing joint ventures in the U.K., with Carrier holding a majority interest; and in Thailand, with Carrier and Toshiba Carrier Corporation owning equal interests. Toshiba transfers its air conditioner manufacturing operations in both countries to these new joint ventures. Further, Carrier will integrate Toshiba's HVAC sales organizations, including those in Singapore, Hong Kong, France and Germany, and combine them with Carrier's existing operations. Carrier will complement its current line of products by also offering the Toshiba branded HVAC products globally. A memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. was signed between the two companies August 31, 1998. Carrier Corporation is a subsidiary of United Technologies Corporation (NYSE NYSE See: New York Stock Exchange :UTX UTX United Technologies Corporation (stock abbreviation, AMEX) UTX Unreal Texture (a texture pack for Unreal-engine games) UTX Unit Training Exercise UTX Under Track Crossing ), 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 to the aerospace, building systems and automotive industries. |
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