Toshiba, United Technologies ink agreement for global growth in HVAC solutions

Toshiba, United TechnologiesHartford (Connecticut), Oct 17 : Toshiba and United Technologies have signed a new agreement for enhancing global growth in HVAC solutions.

Toshiba Corporation (Tokyo: 6502) and United Technologies Corporation (NYSE: UTX) announced plans to enter into an agreement to strengthen strategic collaboration between the two companies through their joint venture, Toshiba Carrier Corporation (TCC).

Toshiba Corporation is a world-leading manufacturer and provider of electric and electrical products and systems; and United Technologies Corporation (UTC), which is a part of Carrier Corporation the world's largest provider of building technologies.

The agreement outlines the next stage of cooperation between Toshiba and UTC in the field of heating, ventilating and air-conditioning solutions through TCC. The companies have set a target to accelerate growth and double the unit's $1.6 billion annual revenues by the next decade.

The deal will expand engineering and sales resources outside Japan, and will include the establishment of engineering centers in the United States and Europe to strengthen development activities and sales engineering support for these regions. The companies will also explore new opportunities for overseas manufacturing in India and North America.

Additionally, the collaboration will focus on smart cities, which are becoming more prevalent in Asia, as well as machine-to-machine solutions. Both parties will announce specific cooperation schemes during the first half of 2015.

"Over the past 15 years, TCC has developed an extensive global presence, leveraging the technology innovation capabilities of Toshiba and the global distribution network of Carrier," said Hisao Tanaka, CEO and President of Toshiba Corporation.

"With this new opportunity, we will create even greater synergies, increasing our global footprint and providing our customers greater value through innovative new solutions," added Tanaka.

Geraud Darnis, President and CEO, UTC Building and Industrial Systems, said: "This agreement is a natural extension of the proven relationship between United Technologies and Toshiba, in which I have been involved since its inception."

"Focusing on a more agile approach to global segments will allow our joint venture to enhance its offerings and pioneer new, innovative and custom solutions for our customers around the world," Darnis added. (ANI)