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 http://www.carrier.com/ for more information. DATASOURCE: Carrier Corp.
CONTACT: Theresa Fox of Carrier Corp., +1-860-674-3420 Web Site: http://www.carrier.com/
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