Ingersoll-Rand plc (IR) and Mitsubishi Electric Corp. (MIELF.PK,MIELY.PK) Wednesday said they established a 50:50 percent joint venture for Ductless and Variable Refrigerant Flow Heating and Air Conditioning Systems in the U.S. and select Latin America countries.The financial terms of the deal were not disclosed.
The new joint venture will include marketing, sales, and distribution of ductless and VRF heating and air conditioning systems.
The joint venture will also continue to serve Mitsubishi Electric US distributors and representatives with Mitsubishi Electric branded product.
Pending favorable global antitrust reviews and customary closing conditions, the new joint venture is expected to be operational in the first half of 2018. A chief executive officer will be named from Mitsubishi Electric, a chief financial officer will be named from Ingersoll Rand, and the business will operate from headquarters in Suwanee, Georgia.
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