CHARLOTTE, N.C., June 3, 2021 /PRNewswire/ -- 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. 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.
"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.
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.
CARR-IR
Cautionary Statement
This communication contains
statements which, to the extent they are not statements of
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Forward-looking statements can be identified by the use of words
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Raytheon Technologies Corporation. Forward-looking statements may
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earnings, cash flows, results of operations, uses of cash, share
repurchases, tax rates and other measures of financial performance
or potential future plans, strategies or transactions of Carrier,
the estimated costs associated with the Separation, Carrier's plans
with respect to its indebtedness and other statements that are not
historical facts. All forward-looking statements involve risks,
uncertainties and other factors that may cause actual results to
differ materially from those expressed or implied in the
forward-looking statements. For those statements, Carrier claims
the protection of the safe harbor for forward-looking statements
contained in the U.S. Private Securities Litigation Reform Act of
1995. Such risks, uncertainties and other factors include, without
limitation: (1) the effect of economic conditions in the industries
and markets in which Carrier and its businesses operate in the U.S.
and globally and any changes therein, including financial market
conditions, fluctuations in commodity prices, interest rates and
foreign currency exchange rates, levels of end market demand in
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production and on global supply, demand, and distribution as the
outbreak continues and results in a prolonged period of travel,
commercial and other restrictions and limitations), natural
disasters and the financial condition of Carrier's customers and
suppliers; (2) challenges in the development, production, delivery,
support, performance and realization of the anticipated benefits of
advanced technologies and new products and services; (3) future
levels of indebtedness, capital spending and research and
development spending; (4) future availability of credit and factors
that may affect such availability, including credit market
conditions and Carrier's capital structure and credit ratings; (5)
the timing and scope of future repurchases of Carrier's common
stock, including market conditions and the level of other investing
activities and uses of cash; (6) delays and disruption in the
delivery of materials and services from suppliers; (7) cost
reduction efforts and restructuring costs and savings and other
consequences thereof; (8) new business and investment
opportunities; (9) risks resulting from being a smaller less
diversified company than prior to the Separation; (10) the outcome
of legal proceedings, investigations and other contingencies; (11)
the impact of pension plan assumptions on future cash contributions
and earnings; (12) the impact of the negotiation of collective
bargaining agreements and labor disputes; (13) the effect of
changes in political conditions in the U.S. (including in
connection with the new administration in Washington, D.C.) and other countries in which
Carrier and its businesses operate, including the effect of changes
in U.S. trade policies or the United
Kingdom's withdrawal from the European Union, on general
market conditions, global trade policies and currency exchange
rates in the near term and beyond; (14) the effect of changes
(including potentially as a result of the new administration in
Washington, D.C.) in tax,
environmental, regulatory (including among other things
import/export) and other laws and regulations in the U.S. and other
countries in which Carrier and its businesses operate; (15) the
ability of Carrier to retain and hire key personnel; (16) the
scope, nature, impact or timing of acquisition and divestiture
activity, including among other things integration of acquired
businesses into existing businesses and realization of synergies
and opportunities for growth and innovation and incurrence of
related costs; (17) the expected benefits of the Separation; (18) a
determination by the U.S. Internal Revenue Service and other tax
authorities that the Distribution or certain related transactions
should be treated as taxable transactions; (19) risks associated
with indebtedness, including that incurred as a result of financing
transactions undertaken in connection with the Separation, as well
as Carrier's ability to reduce indebtedness and the timing thereof;
(20) the risk that dis-synergy costs, costs of restructuring
transactions and other costs incurred in connection with the
Separation will exceed Carrier's estimates; and (21) the impact of
the Separation on Carrier's business and Carrier's resources,
systems, procedures and controls, diversion of management's
attention and the impact on relationships with customers,
suppliers, employees and other business counterparties. The
above list of factors is not exhaustive or necessarily in order of
importance. For additional information on identifying factors that
may cause actual results to vary materially from those stated in
forward-looking statements, see Carrier's reports on Forms 10-K,
10-Q and 8-K filed with or furnished to the U.S. Securities and
Exchange Commission from time to time. Any forward-looking
statement speaks only as of the date on which it is made, and
Carrier assumes no obligation to update or revise such statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Contact:
|
Danielle
Canzanella
|
|
860-221-8457
|
|
Danielle.Canzanella@Carrier.com
|
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SOURCE Carrier