International. Carrier Asia acquired a minority stake in Chongqing Midea General Refrigeration Equipment Co. Ltd. (CQ Midea), as an extension of its long-term strategic partnership with Midea Group.
CQ Midea is Midea's commercial air conditioning business that manufactures a range of centrifugal, screw and modular chillers, as well as products from the operating area. Carrier and Midea established their joint work agreement in 2008. The business relationship between the two companies has expanded to include joint ventures in Brazil, Argentina, Chile, India and Egypt. Carrier's investment in CQ Midea will support its growth outside of China.
"Internationalization has always been a strategic objective of CQ Midea. We want to 'grow beyond China. But what's even more important is learning from the best," said Paul Fang, president of Midea Group. In the HVAC segment, Carrier has a team of experienced experts, industry-leading technologies and a world-class quality assurance system. The collaboration with a brand like Carrier is an important step forward for Midea."
