Carrier Global Corporation + Midea Group
Carrier Global Corporation
Palm Beach Gardens, Florida · 1 relationship
Active relationship
Joint Venture · 2008–present
Midea Group
Foshan, Guangdong · 1 relationship
Analysis
Carrier and Midea signed an agreement in 2008 to establish Foshan Midea Carrier Air-Conditioning Equipment Co. in Shunde, Guangdong. Midea held 60 percent of the manufacturing venture and Carrier the minority interest, bringing together two large air-conditioning businesses in a factory dedicated to Carrier-branded products. [1]
The venture was designed to manufacture residential and light-commercial ductless split air-conditioning systems for Carrier's overseas distribution. Carrier contributed its brand, product requirements and international channels, while Midea supplied majority ownership, manufacturing capacity and an established Chinese appliance-industry base. [1] [2]
The Foshan operation became the starting point for a broader cross-border relationship rather than an isolated plant. By 2015, Carrier said the partners had expanded to joint ventures in Brazil, Argentina, Chile, India and Egypt, and Carrier acquired a minority interest in Midea's Chongqing commercial-air-conditioning business, which manufactured centrifugal, screw and modular chillers and airside products. [2]
Carrier continued to identify relationships with Midea Group members as material joint-venture arrangements in later securities disclosures. The partnership's durable value is its division of labor: large-scale Chinese production paired with Carrier technology, brands and routes to international markets, later extended into commercial HVAC and additional countries. [3]
Participants
Continue through either entity
Palm Beach Gardens, Florida · 1 record in this database
Carrier Global Corporation describes itself as a global provider of intelligent climate and energy solutions, with its activities centered on homes, buildings and the cold chain. [1] The company reports 2025 net sales of $21.75 billion, operations in approximately 150 countries, more than 40 brands, approximately 47,000 employees and more than 75 products introduced during 2025. [1]
Its portfolio spans heating, ventilation and air-conditioning; refrigeration; fire and security; building automation and controls; and connected lifecycle services. [2] Carrier says its services include auditing, design, installation, system integration, repair, maintenance and monitoring, while its brands include Carrier, Viessmann, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2. [2]
The corporate identity is rooted in Willis Haviland Carrier’s July 1902 design for a system that controlled humidity at the Sackett & Wilhelms printing plant in Brooklyn. [3] Carrier Engineering Corporation was incorporated in 1915 by Carrier, J. Irvine Lyle and five colleagues, and the company’s early work extended from industrial moisture control toward broader climate-control applications. [3]
Carrier presents climate control as infrastructure for comfort, indoor air quality, energy management and the safe movement of perishable goods and medical supplies. [1] Its current materials therefore position the company at the intersection of building performance, public health, food preservation and energy efficiency, rather than as an air-conditioning manufacturer alone. [1]
Foshan, Guangdong · 1 record in this database
Midea’s official brand history traces the group to 1968, when a modest workshop in Shunde was founded by 23 residents, including He Xiangjian, with capital of 5,000 yuan. The company entered the air-conditioning industry in 1985 and then diversified from a single product area into an integrated white-goods and consumer-appliance business. [1]
Midea’s 2024 shareholder letter reports a major current scale milestone: total revenue reached RMB 409.1 billion, the business-to-business segment reached RMB 104.5 billion, net profit attributable to the parent company was RMB 38.5 billion, and operating cash flow was RMB 60.5 billion. The letter also records Midea’s 2024 issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange, alongside its established Shenzhen listing. [2] [3]
The 2024 annual report shows the breadth behind those figures. Smart Home Solutions contributed RMB 269.532 billion, or 65.9% of revenue; Energy Solutions and Industrial Technology RMB 33.610 billion; Intelligent Building Technology RMB 28.470 billion; and Robotics & Automation RMB 28.701 billion. The report gives the registered and business address as the Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan, Guangdong, confirming Foshan as the group’s base while its activities span consumer, commercial, industrial and automation markets. [3]