UPDATE: Carrier completes acquisition of Toshiba’s HVAC business

Carrier Global Corporation has acquired Toshiba Corporation’s ownership stake in Toshiba Carrier Corporation (TCC), a variable refrigerant flow (VRF) and light commercial HVAC joint venture with Carrier. Toshiba will retain a five-per cent ownership stake in TCC.

According to Carrier, the move will strengthen Carrier’s position in the sector and scale its global VRF product platform with a variety of technology.

TCC manufactures VRF and light commercial HVAC systems, plus commercial products, compressors and heat pumps. The acquisition includes all of TCC’s R&D centres, global manufacturing operations, and the use of the Toshiba brand.

“Carrier sees significant growth potential in the global VRF, light commercial and heat pump segments and is excited by the opportunity to expand our business through this strategic acquisition. TCC’s proven R&D expertise, strong global brand and talented employees will be tremendous additions to Carrier’s multi-brand channel strategy,” says Dave Gitlin, chairman and CEO, Carrier.