Carrier today announced that it has completed the acquisition of a controlling stake of Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. The acquisition will expand Carrier's access to the rapidly growing variable refrigerant flow (VRF) and light commercial market, which is expected to reach approximately $20B by 2025.
"Through this acquisition, we are building on a commitment to expand Carrier's geographic footprint and market position," said 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."
"We would like to extend our warmest welcome to Giwee Group employees as they join the Carrier family," said Titus Yu, Managing Director, North Asia HVAC, Carrier. "We share a strong culture of innovation, and together we will better serve the needs of customers and unleash the full potential of our combined businesses."
"We are excited to join the Carrier family and the opportunities for expanded growth," said Mr. Quan Zhang, the Founder of Giwee Group, who going forward will lead Strategy for North Asia HVAC, Carrier. "I'm confident that the best is yet to come for both our valued customers and employees."
The Giwee Group is a China-based manufacturer of heating, ventilation and air conditioning products, offering a portfolio of high-quality products such as variable refrigerant flow, modular chiller and light commercial air conditioning solutions.
Carrier expects to complete its acquisition of the remainder of Guangdong Chigo Heating & Ventilation Equipment Co., Ltd in the third quarter of 2021, subject to customary closing conditions, including regulatory approvals.
The terms of the deal were not disclosed.
