August 5th-- Midea Holding Co.,Ltd (SZ:000527) announces its acquiring of majority share in Carrier’s Latin America air-conditioning business. Through its Netherlands subsidiary, Midea acquires 51% of the equity in Carrier Latin America Holding Company while the rest 49% equity will be owned by Carrier. Total transaction price is around 220 million U.S. dollars.

Based on the joint venture, the two companies shall collaborate to further expand and develop the air-conditioning business in related regions. Carrier Latin America Holding Company currently holds Carrier’s air-conditioning business in Brazil, Argentina, and Chile. The company, with a turnover of approximate 700 Million USD and profit of 35 Million USD according to 2010 figures, integrates Carrier’s interests in six companies within the region including Springer Carrier Ltd. (Brazil) Climazon Industrial Ltd.(Brazil), Arco S.A.(Agentina), Carrier S.A.(Agentina), and Carrier Fueguina S.A. (Argentina) and Carrier S.A. (Chile).

Latin America is one of the most rapid growth markets in the world. With a large population base, increasing disposable incomes and still low penetration of home appliances, the market is rather promising for future growth.

CEO of Midea Holding Co. Ltd., Mr. Fang Hongbo says: “Acquisition of Carrier’s Latin America Air-conditioning business is a further cooperation between the two companies. Last year, Midea has also formed a successful joint venture with Carrier on Miraco- Carrier’s Egyptian subsidiary. Further expansion of our collaboration with Carrier to Latin America is in alignment with Midea’s globalization strategy. Through the joint venture, Midea is expected to strengthen localization during globalization, to enhance local manufacturing support and to increase Midea brand awareness.”

About Midea Holding:

Midea Holding, listed in Shenzhen Stock Exchange under the code 000527, is part of China-based Midea Group. Midea Group is a leading manufacturer and exporter in air-conditioning systems and home appliances in China. Employing around 200’000 people all over the world, Midea Group has its products sold to over 150 markets worldwide. In 2010, it achieved revenue of USD17.0 Billion, while 5.08 Billion of them are exporting and overseas businesses.

About Carrier:

Carrier Corp. is the world’s leader in high technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and food service customers. It ranks first in the industry with a worldwide network of production and sales in 170 plus countries.