Carrier Signs JV with China’s Midea

Brazil’s a global air conditioning and refrigeration company Carrier, has decided to create a joint venture company with China’s Midea Group that will distribute products in the largest markets in South America. The deal will give Midea a 51% stake in the new company with Carrier retaining the rest. The venture will make use of Carrier’s air-conditioning and ventilation production assets in Brazil, Argentina and Chile. The company declined to say how much these assets are worth. Midea is one of the leading air conditioning and white appliance manufacturers in China.