Toshiba Carrier's new factory in Poland.
The heating, ventilating and air-conditioning (HVAC) joint venture between Toshiba Corporation and Carrier Corporation will invest approximately three billion Japanese yen in this subsidiary to enhance its business foundation and presence in Europe.
Europe has seen sound HVAC growth for the last three years (2016–2018) with a Compound Annual Growth Rate (CAGR) over six per cent and is expected to enjoy sustainable growth driven by solid demand for energy efficient HVAC products to address environmental concerns and legislation.
Europe is also witnessing a recent surge in sales of heating and hot water supply equipment using heat pumps, or air to water (ATW) equipment as an alternative for heating and hot water supply equipment using gas and other conventional boilers.
The new manufacturing facility will allow Toshiba Carrier to reduce product lead time by one-third, reduce product cost, and bolster its product lineup catering to particular needs in Europe. Poland’s quality workforce, proximity to Western European nations and attractive investment incentives are the major factors for Toshiba Carrier to locate its first European manufacturing base in the country.