CHARLOTTE — Carrier will acquire the Guangdong Giwee Group and its subsidiaries in a deal that is set to close during 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 reach approximately $20 billion by 2025.
“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,” reads a statement issued by the company announcing the acquisition.
Terms of the deal were not disclosed. Carrier was not reached for comment.
