Carrier to acquire Chinese HVAC manufacturer

CHARLOTTE – Carrier acquires Guangdong Giwee Group and its subsidiaries in a deal that will close in the second quarter of 2021.

The Giwee Group is a China-based manufacturer of heating, ventilation and air conditioning (HVAC) products and operates in a global market estimated to be worth $ 20 billion by 2025.

“The acquisition will support Carrier’s growth strategy to strengthen and grow our core, expand product expansions and geographic coverage, and grow services and digital services to create recurring sales opportunities,” reads one statement issued by the company announcing the acquisition.

Terms of the deal were not disclosed. Carrier has not been reached for comment.

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