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Toshiba Carrier Establishes New Joint Venture in India
KAWASAKI, JAPAN, August 23, 2018 -  Toshiba Carrier Corporation announced its establishment of Toshiba Carrier Air-Conditioning India Private Ltd., a joint venture with United Technologies Corporation, in Gurgaon, Haryana, India. The new joint venture, established on August 14, 2018 and headquartered in the premises of Toshiba India Private Ltd., allows Toshiba Carrier to localize planning, development, manufacturing and sales of its commercial air-conditioning products, expanding its footprint in the country. Toshiba Carrier is an air-conditioning joint venture in Japan between Toshiba Corporation and Carrier, which is a part of UTC Climate, Controls & Security, a unit of United Technologies Corporation (NYSE: UTX).

The new joint venture was created to support strong demand for variable refrigerant flow (VRF) solutions. VRF is a form of commercial air-conditioning for applications such as office building and condominiums. Driven by strong domestic demand from its population of approximately 1.3 billion, India is expected to continue a fast economic growth, as shown in its annual GDP growth at 7.4%*.

Toshiba Carrier Air-Conditioning India will benefit from the manufacturing operations of Carrier Airconditioning & Refrigeration Ltd., the Carrier entity in India. It will also utilize the robust nationwide distribution network and existing sales force, striving to lead the fast-growing VRF segment in India.

The establishment of the new joint venture is one of Toshiba Carrier’s initiatives with regard to new overseas operations for its commercial air-conditioning business, based on the memorandum of understanding that was signed in March 2015 between Toshiba Corporation and United Technologies Corporation.

About Toshiba Carrier
Toshiba Carrier is an air-conditioning joint venture in Japan formed in 1999 between Carrier and Toshiba Corporation, which has the majority ownership. In its tireless pursuit of meeting market needs, Toshiba Carrier offers air-conditioning products and solutions based on its sophisticated technologies to the marketplace throughout the world in its robust alliance with Carrier.
Find out more about Toshiba Carrier at http://www.toshiba-carrier.co.jp/global/about/index.htm

Outline of the New Company


Name (Tentative) Toshiba Carrier Air-Conditioning India Private Ltd.
Location 3rd Floor, Building No. 10, Tower-B, Phase-II, DLF Cyber City, Gurgaon-122002, Haryana, India (in the premises of Toshiba India Private Ltd.)
Legal Representative Takao Hoshi, President
Business Scope Manufacturing and sales of commercial air-conditioning equipment
Registered Capital INR 285 million
Establishment August 14, 2018
Ownership Toshiba Carrier Corporation: 51%; and United Technologies South Asia Pacific PTE Ltd.: 49%



Carrier and Toshiba Unveil India's Most Energy Efficient Hi-wall Air Conditioner
Also launches new Carrier and Toshiba energy-efficient air conditioners customized for Indian conditions
July 12, 2018
Carrier today announced the launch of energy-efficient and innovative air conditioning solutions from Carrier and Toshiba including the Toshiba inverter hi-wall - India’s most energy efficient 1.5 ton hi-wall unit. Also introduced: Carrier’s next generation inverter ducted units and Toshiba’s super modular multi system 7 (SMMS-7) variable refrigerant flow (VRF) system. Carrier, a world leader in high-technology heating, air-conditioning and refrigeration solutions, is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp. (NYSE: UTX).

Carrier and Toshiba deliver on their commitment to provide high-efficiency products to customers with the introduction of India’s most energy efficient hi-wall unit with 1.5 ton capacity, which has an ISEER of 5.6. This hi-wall air conditioner reduces energy consumption by nearly 40 percent, as compared to a 3-star fixed speed airconditioner, and can save up to Rs. 50,000 over a period of five years.

Arun Bhatia, managing director, UTC Climate, Controls & Security, India, said, “India is a strategic geography for us and given the evolving needs of our valued customers in the region, we are committed to delivering best-in-class products. With these new air conditioners, we are able to provide our customers highly energy-efficient products and solutions.”

Carrier, a leader in the ducted airconditioning space in India, also unveiled its next generation inverter ducted air conditioner. These air conditioners are suited for a variety of customer applications including small offices, restaurants, retail shops, gymnasiums, banquet halls, as well as for replacement of existing ducted systems. Carrier’s inverter technology delivers one of the highest efficiencies in ducted air conditioners with an ISEER of 5.8. The unit also can lead to energy savings than what conventional cooling solutions deliver, enabling customers to expect faster paybacks of less than two years compared to Carrier’s fixed speed ducted airconditioner. These units come with other features like a PM2.5 filter that helps improve indoor air quality, and can seamlessly interface with most central building management systems (BMS).

Farokh Madan, director, marketing, UTC Climate, Controls & Security, India, added, “One of Carrier’s strategic objectives is developing sustainable products. To achieve this, we’re committed to developing new innovative and energy-efficient HVAC solutions to reduce energy consumption in buildings. Carrier and Toshiba’s new line of air conditioners with high ISEER ratings address this key focus area.”

With a more than a decade of experience in India and understanding the needs of the customers, Toshiba has introduced an SMMS-7 VRF system that is designed and engineered specifically for Indian conditions. The new Toshiba SMMS-7 offers superior energy efficiency at partial loads and can operate at 52 degrees Centigrade ambient temperature, making it an ideal choice for regions with extremely hot conditions. It has capability of 200 percent diversity, making it suitable residences and mid-sized buildings with diverse, multiple zones that require individual controls, such as office buildings, hospitals and hotels. This new series from Toshiba uses up to 40 percent less system refrigerant than previous SMMS models.

Carrier and Toshiba operate in India through Toshiba-Carrier Corporation (TCC), a joint venture established in 1999 between United Technologies and Toshiba that has since developed an extensive global footprint to offer new, innovative and customized solutions and products to customers. The alliance combines Carrier’s and Toshiba’s complementary product offerings and capabilities in technology innovation, manufacturing, quality assurance, and sales and marketing.

About Carrier
Founded by the inventor of modern air conditioning, Carrier is a world leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a part of UTC Climate, Controls & Security, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. For more information about Carrier and Toshiba products and services, please visit www.carrierindia.com or www.toshibaac.in


Toshiba’s SMMS-e VRF wins top award

Toshiba's SMMS-e VRF wins top award Toshiba’s SMMS-e VRF air conditioning system has won the top award, ACR Product of the Year, in the National ACR Awards 2016
1 March, 2016
Toshiba’s SMMS-e VRF air conditioning system has won the top award, ACR Product of the Year, in the National ACR Awards 2016. The system delivers unrivalled energy efficiency, with all outdoor units exceeding 7 ESEER (European Seasonally Adjusted Energy Efficiency Rating), an industry first. The Toshiba system was crowned with the accolade at the awards finals in Birmingham Town Hall, after coming out top against a field of other well known brands in this competitive category. Innovations in three core technologies – the compressor, heat exchanger and advanced intelligent control – combine to deliver outstanding efficiency and comfort for building occupants.

A key component is a new rotary compressor, developed and manufactured by Toshiba, which uses a two-stage compression process for improved efficiency and performance. Wear surfaces on compression vanes are treated with a high-tech Diamond-Like Carbon (DLC) coating, giving outstanding hardness, wear resistance and reliability. It enables a significant increase in compressor rotation speed, resulting in a higher displacement volume – up to 50per cent greater than for the previous generation of VRF systems. The enables a higher duty to be obtained from a smaller compressor, with less power.

Picture:
Awards presentation: David Dunn (second right), director and general manager of Toshiba Air Conditioning, national accounts manager Jill Kay and David Mansell, Midlands regional sales manager, receive the award from Ian Shawcroft (left), head of HRP, and celebrity host Rod Woodward For further details on the SMMSe please contact your local Toshiba representative or Dealer or email info@toshibaac.in


Toshiba and United Technologies Sign New Agreement to Localize Operations of HVAC Joint Venture Collaboration will focus on North America, Europe and India

CEO and President of Toshiba AC 26 Mar, 2015
Tokyo - March 26, 2015 - Toshiba Corporation (Tokyo: 6502) and United Technologies Corporation (UTC) (NYSE: UTX) today announced plans to establish engineering centers in India, North America and Europe to support global innovation for heating, ventilating and air-conditioning (HVAC) products. This cooperation is the first to result from the companies’ recent agreement to further strengthen their strategic collaboration through their joint venture, Toshiba Carrier Corporation (TCC).The plan will leverage Carrier’s global footprint, with new engineering centers expected in India, North America and Europe within the next five years. The two companies also agreed on plans to localize manufacturing in the same regions in a similar time frame.

Toshiba Corporation is a world-leading manufacturer and provider of electric and electrical products and systems; and UTC, of which Carrier is a part, is the world’s largest provider of building technologies. TCC was formed in 1999, when Toshiba and Carrier joined forces to bring leading Japanese technology to markets worldwide.

In October 2014, Toshiba and UTC signed an agreement to expand their strategic collaboration that included an outline for enhancing cooperation in HVAC through TCC, targeting to accelerate growth and aiming to double the unit’s annual revenues in the next decade. The companies will also continue to explore collaboration on smart cities and machine-to-machine solutions.

"I am delighted to see UTC and Toshiba proactively forwarding our strategic collaboration and shaping up plans in the HVAC field,” said Mr. Hisao Tanaka, CEO and President of Toshiba Corporation. “The establishment of joint engineering centers and manufacturing will give Toshiba local product development, manufacturing and sales in key regions, which will increase our global footprint while allowing us to provide customers with greater value through localized solutions. At Toshiba, our diverse capabilities range from devices to battery and inverter technologies, and I hope to see this collaboration in HVAC become an engine that drives future cooperation between Toshiba and UTC and further strengthen ties between us."

"This agreement is a milestone in the long and successful relationship between United Technologies and Toshiba," said Geraud Darnis, President and CEO, UTC Building & Industrial Systems. "Through our expanded collaboration, our joint venture is positioned to pioneer new, innovative and customized solutions for customers around the world."

This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the effect of economic conditions in the markets in which we operate; levels of end market demand in construction and for heating, ventilating and air-conditioning solutions; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Toshiba’s communications to investors and in UTC's Securities and Exchange Commission filings.

About UTC
United Technologies Corp., based in Hartford, Connecticut, provides high technology products and services to the building and aerospace industries. Our businesses include Pratt & Whitney, Sikorsky, UTC Aerospace Systems and UTC Building & Industrial Systems. For more information, visit our website at www.utc.com or follow us on Twitter: @UTC.

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