HVAC system giant Carrier is in agreement to acquire Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co. Ltd. The cost and other terms of the purchase have not been reported. Giwee Group manufactures heating, ventilation, and air conditioning products, including variable refrigerant flow, modular chiller, and light commercial air conditioners.
The global market for VRF and light commercial HVAC equipment is forecast to reach approximately $20 billion by 2025, one of the highest growth rates predicted in the HVAC segment, and Carrier added that Giwee Group's strength in China’s VRF and light commercial market in China would expand its own access to that market. It also said that the acquisition would support its strategy of strengthening and growing its core product lines, and to add more product extensions, geographic coverage, services. and digital capabilities.
“This will be an excellent strategic fit and will support our growth strategy in the global VRF and light commercial businesses," stated Chris Nelson, Carrier president, HVAC. "Giwee Group has outstanding products and will give Carrier ownership of important technology in the VRF and light commercial segment. In addition, their ability to manufacture these products in the local market will bring an important new capability to our company."
