Benzinga | Apr 19, 2021 06:31AM EDT

Carrier Agrees to Acquire Guangdong Giwee Group; Terms Not Disclosed

Carrier today announced that it has signed agreements to acquire Guangdong Giwee Group (Giwee Group) and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. Giwee Group's proven strength in the VRF and light commercial market in Chinawill expand Carrier's access to this growing, global market. The global market for VRF and light commercial HVAC equipment is expected to reach approximately $20B by 2025, growing at one of the highest rates in the HVAC segment. The acquisition will support Carrier's growth strategy of strengthening and growing our core, increasing product extensions and geographic coverage and growing services and digital to create recurring sales opportunities. Carrier is a part of Carrier Global Corporation (NYSE:CARR), the leading global provider of innovative healthy, safe and sustainable building and cold chain solutions.