CARRIER and Midea are to form an air conditioning manufacturing and distribution joint venture in India. Chinese manufacturer Midea will own 60% of the joint venture and its US counterpart, Carrier, 40%.
The joint venture will primarily manufacture and distribute residential air-conditioning systems and will bring together Carrier and Midea's complementary residential segment operations in India, while significantly expanding manufacturing scale and product portfolio to further enhance customer offerings and services. Carrier and Midea have existing partnerships in China, Egypt, Brazil, Argentina and Chile.

'This joint venture is a significant milestone in Carrier's successful relationship with Midea and is a unique opportunity to build on the strengths of both companies in the residential segment to better serve our customers and increase our growth prospects in India,' said Geraud Darnis, president and CEO, UTC Climate, Controls & Security Systems.

Carrier's commercial solutions and services business in India are outside the scope of this joint venture. Carrier India will continue to provide a comprehensive suite of sustainable building solutions to customers.

The joint venture is subject to customary closing conditions and is expected to be operational in 2012.