Toshiba and United Technologies Sign New Agreement to Localize Operations of HVAC Joint Venture

Collaboration will focus on North America, Europe and India
L: Mr. Darnis (President & CEO, UTC Building & Industrial Systems)   R: Tanaka (President & CEO, Toshiba)

26 Mar 2015 - Tokyo - 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."

[1] Note:
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 or follow us on Twitter: @UTC.