Toshiba Carrier boosts interests in China
Toshiba has acquired 20% of one of China’s leading manufacturers of air conditioning. Guangdong Midea Air Conditioning is well positioned in the residential and light-commercial sectors and had an estimated turnover of US$825 million in 2003. The company will make residential and light-commercial air conditioners, primarily under the Midea and Toshiba brands, as well as air conditioners for OEM customers. Midea will provide Carrier Corporation and TCCJ with a competitive production base to meet demand outside China, including Japan. The partnership between Midea group and TCCJ dates back to a joint venture for rotary compressors in 1999. In April this year, a new joint venture for rotary compressors was established, increasing total manufacturing capacity to seven million units.