Carrier Corp. Buys Spain’s Leading Air Conditioning Maker
SYRACUSE, N.Y. (AP) _ Carrier Corp., looking to expand further into European markets, has acquired controlling interest in Interclisa S.A., the largest manufacturer of commercial and residential air conditioners in Spain.
Terms of the agreement, which was announced Monday, were not disclosed.
The formerly privately held Spanish company, which has been renamed Interclisa-Carrier S.A., has close to 40 percent of Spain’s air conditioning market, employing between 400 and 500 workers at its lone manufacturing facility outside Madrid. Its sales are close to $150 millon annually.
The acquisition is not expected to affect employment at Carrier’s Syracuse plants, which now stands at about 4,200, because the products made in the two countries vary greatly, said J. Timothy Corcoran, Carrier’s vice president of business development.
Corcoran said the Spanish company makes room air conditioners and small office air conditioners designed for the ″electrical codes, styles and portability requirements in Europe.″
Spanish duty charges on imports, ranging up to 40 percent on some products, previously had made Carrier’s entrance into the Spanish market prohibitive.
″We had a very low market share,″ Corcoran said. ″This (acquisition) puts us right in there with a strong position.″
The move did not surprise industry experts, who agreed that Carrier expansion interests are largely geared to consider foreign markets.
″Carrier has always had a small world-wide interest,″ said Thomas A. Mahoney, executive editor of Air Conditioning, Heating and Refrigeration News. ″Now they have made it clear that they are going after the global markets.″
Corcoran said Spain’s recent admission to the European Economic Community, a group of European nations with cooperative trade agreements, will help the company market its products to other countries.
″That’s the preliminary plan,″ he said. ″But we primarily bought the company for the Spanish market.″
Carrier, which had worldwide sales of $2.6 billion last year, already has manufacturing facilities in Italy and France.