By NIU Qichang
Haier Smart Home announced that it plans to acquire the refrigeration business of Carrier Global for approximately US$640 million (4.6 billion yuan).
Haier is a global leader in smart homes, with a portfolio of leading brands manufacturing and marketing refrigerators, air conditioners and other white goods. In August 2023, the company joined the Fortune Global 500.
Haier estimates that the total overseas market for commercial refrigeration to be around US$11 billion and set to double in the next five years.
Carrier provides end-to-end commercial refrigeration to food retailers, including refrigerated cabinets and refrigeration units. Its commercial refrigeration business has about 4,000 employees around the world, including about 200 R&D staff.
In 2022, revenues of US$1.2 billion generated a net profit of US$8.1 million.
Carrier and Haier had been partners for decades. As early as 2001, they established a joint venture in China. Through this acquisition, Haier Smart Home will own 100 percent of the JV, with an annual revenue of around US$100 million.
