MITSUBISHI ELECTRIC CORPORATION Ingersoll-Rand and Mitsubishi Electric Corporation announced they have entered into an agreement to establish a 50%-50% joint venture (JV) pending global antitrust review. The new joint venture will include marketing, sales and distribution of ductless and VRF heating and air conditioning systems through Ingersoll Rand's Trane and American Standard commercial and residential channels, and existing Mitsubishi Electric distributors and representatives in the United States and select countries in Latin America. The systems sold by the joint venture will be highly efficient, variable-speed mini-split, multi-split, and VRF air conditioners and heat pumps for homes, light commercial and commercial applications.
The joint venture will distribute products with the Trane or American Standard brand and the Mitsubishi Electric corporate logo to Ingersoll Rand channels. The joint venture will also continue to serve Mitsubishi Electric US distributors and representatives with Mitsubishi Electric branded product. The joint venture will be a leading provider of ductless and VRF systems in the United States and select countries in Latin America.
It will bring together Ingersoll Rand's leadership in heating and air conditioning and its extensive Trane and American Standard residential and commercial distribution network with Mitsubishi Electric's innovative and technologically advanced mini-split, multi-split, and VRF products, recognized brand and channel expertise.
