FARMINGTON, Conn., Oct. 27 /PRNewswire-FirstCall/ -- Carrier Corp. has sold a
controlling interest in Concepcion Carrier Air Conditioning (CCAC) to its
joint venture partner, Concepcion Industries Inc., a large conglomerate in the
Philippines. CCAC will continue to distribute Carrier commercial products in
the Philippines. Carrier Corp. is a unit of United Technologies Corp. (NYSE:
UTX).
CCAC, formed in 1998, is the residential air-conditioning industry leader in
the Philippines. Terms of the transaction were not disclosed.
"Over the last decade, Concepcion Carrier Air Conditioning has built a strong
position in the Philippines market with the support of our joint venture
partners," said Geraud Darnis, president, Carrier Corp. "The new structure
will enable the joint venture to pursue new growth opportunities leveraging
its strengths in manufacturing and distribution."
"This transaction marks another step on our path to a simpler and more focused
portfolio."
About Carrier Corp.
Carrier Corp., headquartered in Farmington, Conn., is the world's largest
provider of heating, air-conditioning and refrigeration solutions, with
operations in more than 170 countries. Carrier is part of United Technologies
Corp., a Hartford, Connecticut-based provider of products and services to the
aerospace and building systems industries worldwide. Visit www.carrier.com for
more information.
SOURCE Carrier Corp.
Theresa Fox of Carrier Corp., +1-860-674-3420
