Toshiba, United Technologies ink agreement for global growth in HVAC solutions

Hartford (Connecticut), Oct. 17 (ANI): Toshiba and United Technologies have signed a new agreement for enhancing global growth in HVAC solutions.

Toshiba Corporation (Tokyo: 6502) and United Technologies Corporation (NYSE: UTX) announced plans to enter into an agreement to strengthen strategic collaboration between the two companies through their joint venture, Toshiba Carrier Corporation (TCC).

Toshiba Corporation is a world-leading manufacturer and provider of electric and electrical products and systems; and United Technologies Corporation (UTC), which is a part of Carrier Corporation the world’s largest provider of building technologies.

The agreement outlines the next stage of cooperation between Toshiba and UTC in the field of heating, ventilating and air-conditioning solutions through TCC. The companies have set a target to accelerate growth and double the unit’s $1.6 billion annual revenues by the next decade.

The deal will expand engineering and sales resources outside Japan, and will include the establishment of engineering centers in the United States and Europe to strengthen development activities and sales engineering support for these regions. The companies will also explore new opportunities for overseas manufacturing in India and North America.