Midea in acquisition deal with Carrier

Through its Netherlands subsidiary, Midea acquires 51% of the equity in Carrier Latin America Holding Company while the rest 49% equity will be owned by Carrier. Total transaction price is around 220 million U.S. dollars. Based on the joint venture, the two companies shall collaborate to further expand and develop the air-conditioning business in related regions. Carrier Latin America Holding Company currently holds Carrier’s air-conditioning business in Brazil, Argentina, and Chile. The company, with a turnover of approximate 700 Million USD and profit of 35 Million USD according to 2010 figures, integrates Carrier’s interests in six companies within the region including Springer Carrier Ltd. (Brazil) Climazon Industrial Ltd.(Brazil), Arco S.A.(Agentina), Carrier S.A.(Agentina), and Carrier Fueguina S.A. (Argentina) and Carrier S.A. (Chile). CEO of Midea Holding Co. Ltd., Mr. Fang Hongbo says: “Acquisition of Carrier’s Latin America Air-conditioning business is a further cooperation between the two companies. Last year, Midea has also formed a successful joint venture with Carrier on Miraco- Carrier’s Egyptian subsidiary. Further expansion of our collaboration with Carrier to Latin America is in alignment with Midea’s globalization strategy. Through the joint venture, Midea is expected to strengthen localization during globalization, to enhance local manufacturing support and to increase Midea brand awareness.”