Toshiba Carrier Corporation, Fujitsu General Limited and its manufacturing subsidiary FGA (Thailand) Co., Ltd., announced an agreement to form a joint venture in Thailand to manufacture twin rotary compressors for air conditioning equipment.
Toshiba Carrier will hold a 51 percent ownership share and FGA a 49 percent ownership share. The new company is scheduled to be established in November 2012 at Laem Chabang Industrial Estate in Chonburi Province, the Kingdom of Thailand.
According to industry estimates, the global market of compressors, which are key components for air conditioning equipment, marked a positive year-on-year growth, 7.8% from the previous year in 2011 with approximately 91 million units sold. Today we continue to see a growing demand for energy-efficient air conditioning products due to the price increases in natural resources and energy, and as a result expect the market of compressors for high-tier air conditioners to continue to grow as well.
The formation of the new joint venture will accelerate Toshiba Carrier’s global business reorganization and will also reinforce Fujitsu General’s compressor business for further expansion of its core air conditioning business. The new company aims to leverage synergy between both companies to enhance distribution and cost competitiveness, and will focus on innovation to serve the rapidly-evolving markets of compressors for air conditioning equipment across the world.