Carrier finalizes Guangdong Giwee Group purchase

Carrier has finalized its acquisition of a controlling stake of China’s Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd.

Giwee Group produces products such as variable refrigerant flow (VRF), modular chiller and light commercial air conditioning equipment and systems.

“Through this acquisition, we are building on a commitment to expand Carrier’s geographic footprint and market position,” says Gaurang Pandya, president, Commercial HVAC, Carrier. “Giwee Group’s core capabilities, especially its strengths in VRF and light commercial products, combined with Carrier’s significant technical capabilities and global networks, are an excellent strategic fit.”

Quan Zhang, founder of Giwee Group, will lead Strategy for North Asia HVAC, Carrier.