MIDEA is reported to have agreed to pay around $223m for a 51 per cent stake in Carrier's air conditioning interests in Latin America, further extending the co-operation between the Chinese ac manufacturer and the US giant.
Carrier will retain the remaining 49 per cent stake in its Latin American assets, which include Springer Carrier and Climazon Industrial in Brazil, the Argentinian companies Aro SA, Carrier SA and Carrier Fueguina, as well as Carrier's subsidiary in Chile.

Last year Midea bought a 32.5 per cent stake in Carrier's majority-owned Egyptian ac manufacturing business Miraco for $58m.

Collaboration between the two companies goes back to 1999 with a co-operation between Midea and Toshiba Carrier saw the first inverter VRF system being produced in China. In 2004, the co-operation was formalised when Toshiba Carrier bought 20 per cent of Midea shares.

The two companies also set up a joint venture plant in China's Guangdong Province in 2008, to produce commercial R410A inverter units.