Toshiba in pact with UTC to strengthen strategic collaboration

Toshiba Corp has entered into a pact with United Technologies Corp (UTC) to strengthen strategic collaboration through their joint venture, Toshiba Carrier Corp (TCC).
"The agreement outlines the next stage of cooperation between Toshiba and UTC in the field of heating, ventilating and air-conditioning solutions through TCC," Toshiba said in a statement today.
The companies have set a target to accelerate growth and double the unit's USD 1.6 billion annual revenues by the next decade, it said.
The companies will also explore new opportunities for overseas manufacturing in India and North America, it said.
The deal will expand the venture's engineering and sales resources outside Japan and establish engineering centres in the United States and Europe, it added.

Additionally, the collaboration will focus on smart cities, which are becoming more prevalent in Asia, as well as machine-to-machine solutions, it said adding that "Both parties will announce specific cooperation schemes during the first half of 2015."
"With this new opportunity, we will create even greater synergies, increasing our global footprint and providing our customers greater value through innovative new solutions," said of Toshiba Corp CEO and President Hisao Tanaka said.