Carrier Thailand and its long time partner B Grimm Group have formed another joint venture to support accelerated growth in the local residential air-conditioning market.
B Grimm Carrier (Thailand) complements the two partners’ existing joint ventures, including commercial air-conditioning sales, service and manufacturing businesses.
The new company will penetrate the residential air-conditioning segment worth about Bt16 billion, or two-thirds of the total air-conditioning market. This attractive segment requires different marketing strategies and skill sets of team support. The new company aims to achieve the top five in sales of residential air-conditioning products within five years.
B Grimm Carrier Thailand was formed with registered capital of Bt160 million. B Grimm Joint Venture Holding owns 51 per cent, with the rest owned by United Technologies International Corporation – Asia PTE.
It will expand its retail distribution network and strengthen its after-sales service support for the residential heating, ventilation and air-conditioning (HVAC) segment.
It will also leverage Carrier’s global research and development expertise and the world-class manufacturing facilities of Carrier and its global partners, including the Toshiba-Carrier plant in Bangkok.
“Carrier is a pioneer in the Thailand HVAC market with its presence dating back to 1931,” Ross Shuster, president of Asia for UTC Climate, Controls & Security, a unit of United Technologies Corp, said yesterday.
“The Kingdom is very important to Carrier, both as a large and growing market and as a centre for high-quality manufacturing that supports Carrier’s business globally. The new joint venture with B Grimm will accelerate growth, particularly in the residential segment.”
Carrier is the world’s leader in high technology heating, air-conditioning and refrigeration solutions.
“This latest joint venture marks a new chapter for B Grimm’s partnership with Carrier, a relationship that has thrived for more than 50 years. Our two joint ventures will allow us to sharpen our focus on managing and growing both the residential and commercial markets in Thailand,” said Harald Link, chairman of B Grimm.
In 1962, B Grimm was appointed Carrier’s distributor in Thailand and in 1969 began producing residential air-conditioners for the local market. In 1984, the companies entered into a joint venture for the distribution and manufacturing of HVAC products in Thailand, leveraging B Grimm Air Conditioning’s manufacturing capabilities.