Toshiba Carrier and Fujitsu form joint venture
THAILAND: Japanese air conditioning manufacturers Toshiba Carrier Corporation, Fujitsu General and its manufacturing subsidiary FGA (Thailand) are to form a joint venture in Thailand to manufacture twin rotary compressors.
Under the deal, Toshiba Carrier will hold a 51% ownership share and FGA a 49% share in the business. The new company, which has tentatively been called TCFG Compressor (Thailand) is scheduled to be established in November in Chonburi Province.
The move is said to have been prompted by the rise in global demand for compressors, which has seen a 7.8% growth on 2011 with approximately 91 million units sold.
A statement on behalf of the two companies said 'The formation of the new joint venture will accelerate Toshiba Carrier's global business reorganization and will also reinforce Fujitsu General's compressor business for further expansion of its core air conditioning business. The new company aims to leverage synergy between both companies to enhance distribution and cost competitiveness, and will focus on innovation to serve the rapidly-evolving markets of compressors for air conditioning equipment across the world.'