-- Acquisition strengthens Carrier's position in the fast-growing, sustainable 
and highly efficient variable refrigerant flow (VRF) and heat pump market 
segments to support customers' decarbonization efforts

Carrier Global Corporation ( 
https://c212.net/c/link/?t=0&l=en&o=3608558-1&h=1470389937&u=https%3A%2F%2Fwww.corporate.carrier.com%2F&a=Carrier+Global+Corporation 
) (NYSE: CARR), the leading global provider of healthy, safe, sustainable and 
intelligent building and cold chain solutions, has completed its acquisition of 
substantially all of Toshiba Corporation's (TOKYO: 6502) ownership stake in 
Toshiba Carrier Corporation (TCC). A longstanding joint venture between Carrier 
and Toshiba, TCC is a global provider of residential and light commercial HVAC 
solutions, including VRF and heat pump products.

Logo - https://mma.prnewswire.com/media/985365/Carrier_Logo.jpg  

"This acquisition presents tremendous growth opportunities for Carrier in the 
fast-growing, energy-efficient VRF and heat pump markets," said David Gitlin, 
Chairman & CEO, Carrier. "Toshiba Carrier's differentiated technology, strong 
channel and global design and manufacturing footprint allow us to benefit from 
growing electrification and sustainability trends. We are thrilled to welcome 
the 6,600 talented TCC employees to the Carrier family."

Building on Carrier's previous acquisition of Guangdong Giwee Group, TCC will 
join the newly created Global Comfort Solutions business unit within Carrier's 
HVAC segment. The new business will be headquartered in Tokyo under the 
leadership of Saif Siddiqui, a seasoned Carrier leader who will report directly 
to HVAC segment President Chris Nelson. Mr. Toru Kubo, who has served as 
President & CEO of TCC, will be joining the Global Comfort Solutions leadership 
team reporting to Siddiqui.  

Carrier acquired substantially all of Toshiba's interest in TCC for 
approximately $900 million, subject to customary closing adjustments. For the 
fiscal year 2021, TCC had annual sales of approximately $2 billion.

About Carrier 
As the leading global provider of healthy, safe, sustainable and intelligent 
building and cold chain solutions, Carrier Global Corporation is committed to 
making the world safer, sustainable and more comfortable for generations to 
come. From the beginning, we've led in inventing new technologies and entirely 
new industries. Today, we continue to lead because we have a world-class, 
diverse workforce that puts the customer at the center of everything we do. For 
more information, visit corporate.carrier.com or follow Carrier on social media 
at @Carrier.

Media Contact:     Ashley Barrie
                   +1-860-416-3657
                   Ashley.Barrie@Carrier.com

Investor Contact:  Sam Pearlstein
                   +1-561-365-2251
                   Sam.Pearlstein@carrier.com

Cautionary Statement
This communication contains statements which, to the extent they are not 
statements of historical or present fact, constitute "forward-looking 
statements" under the securities laws. These forward-looking statements are 
intended to provide management's current expectations or plans for Carrier's 
future operating and financial performance, based on assumptions currently 
believed to be valid. Forward-looking statements can be identified by the use 
of words such as "believe," "expect," "expectations," "plans," "strategy," 
"prospects," "estimate," "project," "target," "anticipate," "will," "should," 
"see," "guidance," "outlook," "confident," "scenario" and other words of 
similar meaning in connection with a discussion of future operating or 
financial performance or the separation from United Technologies Corporation 
(the "Separation"), since renamed Raytheon Technologies Corporation. 
Forward-looking statements may include, among other things, statements relating 
to future sales, earnings, cash flow, results of operations, uses of cash, 
share repurchases, tax rates and other measures of financial performance or 
potential future plans, strategies or transactions of Carrier, the estimated 
costs associated with the Separation, Carrier's plans with respect to its 
indebtedness and other statements that are not historical facts. All 
forward-looking statements involve risks, uncertainties and other factors that 
may cause actual results to differ materially from those expressed or implied 
in the forward-looking statements. For additional information on identifying 
factors that may cause actual results to vary materially from those stated in 
forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K 
filed with or furnished to the U.S. Securities and Exchange Commission from 
time to time. Any forward-looking statement speaks only as of the date on which 
it is made, and Carrier assumes no obligation to update or revise such 
statement, whether as a result of new information, future events or otherwise, 
except as required by applicable law.

SOURCE Carrier Global Corporation