Carrier Agrees to Acquire Guangdong Giwee Group, a China-based HVAC Manufacturer

CHARLOTTE, N.C., April 19, 2021 /PRNewswire/ -- Carrier today announced that it has signed agreements to acquire Guangdong Giwee Group (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. The global market for VRF and light commercial HVAC equipment is expected to reach approximately $20B by 2025, growing at one of the highest rates in the HVAC segment. The acquisition will support Carrier's growth strategy of strengthening and growing our core, increasing product extensions and geographic coverage and growing services and digital to create recurring sales opportunities. Carrier is a part of Carrier Global Corporation (NYSE: CARR), the leading global provider of innovative healthy, safe and sustainable building and cold chain solutions.

"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."

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 conditioners.

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.

About Carrier
Founded by the inventor of modern air conditioning, Carrier is a world leader in heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a part of Carrier Global Corporation, the leading global provider of healthy, safe and sustainable building and cold chain solutions. For more information, visit carrier.com or follow @Carrier on Twitter.

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SOURCE Carrier

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