Carrier Agrees to Acquire Guangdong Giwee Group

Carrier announced that it has signed agreements to acquire Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. Giwee Group's proven strength in the VRF and light commercial market in China will expand Carrier's access to this growing, global market. 

"We are extremely excited about the agreements to acquire Giwee Group. This will be an excellent strategic fit and will support our growth strategy in the global VRF and light commercial businesses," said Chris Nelson, President, HVAC. "Giwee Group has outstanding products and will give Carrier ownership of important technology in the VRF and light commercial segment. In addition, their ability to manufacture these products in the local market will bring an important new capability to our company. The VRF and light commercial markets are an attractive growth segment in our industry and we look forward to a successful future with the Giwee Group."

"Carrier and Giwee Group share a strong commitment to build high-quality businesses that achieve sustainable long-term growth," said Mr. Quan Zhang, CEO and majority shareholder of the Giwee Group. "With Carrier's significant technical and R&D capabilities and global networks, we look forward to working with Carrier to identify more growth opportunities."

Carrier expects to close its acquisition of a controlling stake of Giwee Group in the second quarter of 2021 (with the remainder expected to close in the third quarter of 2021), subject to customary closing conditions, including regulatory approvals.