Carrier to merge AC & fridge arms

NEW DELHI: Carrier is merging its two subsidiaries in India. Carrier Aircon is being merged with Carrier Refrigeration, which is a wholly-owned entity of Carrier. Post the merger, Carrier’s stake in the combined entity will be 97% of the paid-up capital.

Currently, Carrier owns 96% stake of Carrier Aircon which also has minority shareholders. The board has already given the approval and the merger is expected to be completed before the end of this year. The objective is to leverage synergies, which would come from lower overhead, supply chain and distribution costs.

Duncan Gillis, president(APac), Carrier, said: ”Over the last 18 months, the Indian operations have shown significant improvement in performance and have prepared a platform for future growth.” Carrier Aircon, which integrated its manufacturing units into a single location last year, is operating at high-capacity utilisation levels.

Carrier has also made some key executive appointments in the recent past, including its new MD Zubin Irani. He has taken over from Vidyadhar Kulkarni, who has been assigned a new role in the global headquarters of UTC, the parent company of Carrier.

He is now working as the VP (global field operations) of UTC Fire and Security business. He reports directly to the global president of the division. This apart, it has also roped in a new HRD head and a CFO and is beefing up its marketing team.