Toshiba and United Technologies Sign New Agreement to Grow Joint Venture

Toshiba Corporation (TOKYO:6502) and United Technologies Corporation (NYSE:UTX) today announced that they have entered into an agreement to strengthen the strategic collaboration between the two companies through their joint venture, Toshiba Carrier Corporation (TCC). Toshiba Corporation is a world-leading manufacturer and provider of electric and electrical products and systems; and United Technologies Corporation (UTC), of which Carrier Corporation is a part, is the world’s largest provider of building technologies.

The agreement outlines the next stage of cooperation between Toshiba and UTC in the field of heating, ventilating and air-conditioning solutions through TCC. The companies have set a target to accelerate growth and double the unit’s $1.6 billion annual revenues by the next decade.

The deal will expand engineering and sales resources outside of Japan, and will include the establishment of engineering centers in the United States and Europe to strengthen development activities and sales engineering support for these regions. The companies will also explore new opportunities for overseas manufacturing in India and North America.

Additionally, the collaboration will focus on smart cities, which are becoming more prevalent in Asia, as well as machine-to-machine solutions. Both parties will announce specific cooperation schemes during the first half of 2015.

“Over the past 15 years, TCC has developed an extensive global presence, leveraging the technology innovation capabilities of Toshiba and the global distribution network of Carrier,” said Mr. Hisao Tanaka, CEO and President of Toshiba Corporation. “With this new opportunity, we will create even greater synergies, increasing our global footprint and providing our customers greater value through innovative new solutions.”

“This agreement is a natural extension of the proven relationship between United Technologies and Toshiba, in which I have been involved since its inception,” said Geraud Darnis, President and CEO, UTC Building & Industrial Systems. “Focusing on a more agile approach to global segments will allow our joint venture to enhance its offerings and pioneer new, innovative and custom solutions for our customers around the world.”

About Toshiba

Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: Energy & Infrastructure, Community Solutions, Healthcare Systems & Services, Electronic Devices & Components, and Lifestyles Products & Services. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations towards securing “Growth Through Creativity and Innovation”, and is contributing to the achievement of a world in which people everywhere live in safe, secure and comfortable society.

Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of over 590 consolidated companies employing over 200,000 people worldwide, with annual sales surpassing 6.5 trillion yen (US$63 billion).

To find out more about Toshiba, visit www.toshiba.co.jp/index.htm.

About UTC

United Technologies Corp., based in Hartford, Connecticut, provides high technology products and services to the building and aerospace industries. Our businesses include Pratt & Whitney, Sikorsky, UTC Aerospace Systems and UTC Building & Industrial Systems. For more information, visit our website at www.utc.com or follow us on Twitter: @UTC.

This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the effect of economic conditions in the markets in which we operate; levels of end market demand in construction and for heating, ventilating and air-conditioning solutions; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Toshiba’s communications to investors and in UTC's Securities and Exchange Commission filings.

Contacts:

Toshiba Press Contact:
Toshiba Corporation
Naomi Furuya / Tomoyuki Numata/ Hirokazu Tsukimoto
+81-3-3457-2100
PR & IR Office
media.relations@toshiba.co.jp
or
UTC Press Contact:
UTC Building & Industrial Systems
Ashley Barrie
860-674-3293
Ashley.Barrie@utc.com

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