United Technologies Corp. (UTC) and TICA Group (TICA) today announced that they are in formal discussions for a UTC affiliate to make a minority investment in TICA. This arrangement would enable United Technologies to share select technologies with TICA and partner on an original equipment manufacturer relationship. United Technologies Corp., (NYSE: UTX), is a leading provider of systems and services to the aerospace and building industries worldwide.
“United Technologies has a long history of partnering with local companies in China. A partnership with TICA, if formalized, would enable us to provide our customers greater value through TICA’s light commercial products and technology,” said Ross Shuster, president, Asia, UTC Building & Industrial Systems, the world’s largest provider of building technologies and a unit of UTC. “At the same time TICA can benefit from our manufacturing expertise and HVAC technologies.”
“A collaboration with United Technologies would enable us to create greater synergies and strengthen TICA’s core competencies,” said Li Jiang, a major owner of TICA. “This is an opportunity for us to benefit from United Technologies’ world-leading expertise to improve our operations and expand our international presence.”
United Technologies and TICA intend to explore mutual original equipment manufacturer opportunities and cooperation on the application of certain technologies including Organic Rankine Cycle (ORC) technology. A significant amount of the energy potential in traditional power generation is lost as waste heat. In contrast, ORC technology harnesses waste heat to power a turbine, turning untapped energy into a reusable resource with zero emissions.
For more information about UTC, visit www.utc.com.
About Tica Group
Known as one of the four major local commercial air-conditioning brands in China, TICA has established a strong and broad coverage distribution network through its development for over 20 years. TICA has been one of the largest providers of air-handling units in China for consecutive years, and it enjoys a strong presence in specialized fields such as micro-electronics, hospital operating rooms and the bio-pharmaceutical industry.
As one of the leading enterprises in the industry, TICA has manufacturing bases in Nanjing, Tianjin, and Guangzhou.
About United Technologies
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.