Bosch Plans to Form Joint Venture with Carrier to Develop and Manufacture Geothermal and Water-Source Heat Pumps

- JV to develop and manufacture geothermal and water-source heat pumps for North American residential and commercial markets - Completion of transaction is pending necessary regulatory approvals - Sales channels and brands to remain independent FARMINGTON HILLS, Mich. – Robert Bosch North America Corporation and Carrier, the world’s leader in high-technology heating, air-conditioning and refrigeration solutions, signed an agreement today to form a joint venture (JV) to develop and manufacture geothermal and water-source heat pumps for the North American residential and commercial markets. The transaction will be completed pending securing all necessary regulatory approvals. The financial terms of the agreement will not be publicly disclosed. In this JV, each of the companies contributes demonstrated product knowledge, an understanding of the heat pump market and a commitment to product innovation. The JV will develop and manufacture Bosch- and Carrier-branded water-source heat pumps, which will be built at the current FHP plant in Fort Lauderdale, Fla. Sales channels for both companies and the companies’ respective brands will remain independent. According to Richard Soper, president of Bosch Thermotechnology Corp., “Geothermal heating is one of the most cost effective and environmentally responsible heating and cooling options available to consumers. Establishing a joint venture between Bosch and Carrier – two strong and respected companies – will allow us to leverage our research and development resources and continue to deliver high-quality manufactured products to our customers.” “The Carrier team is excited by the opportunities this JV will provide,” said Chris Nelson, president, residential and commercial systems, Carrier. “By bringing together the strengths of both companies, from Carrier’s rich legacy of innovation to Bosch’s well-equipped manufacturing plant in Fort Lauderdale, we will deliver a high level of value to our customers.” About Bosch: The Bosch Group is a leading global supplier of technology and services. In fiscal 2012, its roughly 306,000 associates generated sales of $67.5 billion. Since the beginning of 2013, its operations have been divided into four business sectors: Automotive Technology, Industrial Technology, Consumer Goods, and Energy and Building Technology. The Bosch Group comprises Robert Bosch GmbH and its roughly 360 subsidiaries and regional companies in some 50 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. This worldwide development, manufacturing, and sales network is the foundation for further growth. Bosch spent some $6.1 billion for research and development in 2012, and applied for nearly 4,800 patents worldwide. The Bosch Group’s products and services are designed to fascinate, and to improve the quality of life by providing solutions which are both innovative and beneficial. In this way, the company offers technology worldwide that is “Invented for life.” Additional information is available online at www.bosch.com and www.bosch-press.com. About Bosch Thermotechnology: Bosch Thermotechnology is a leading European manufacturer of resource-efficient heating products and hot water solutions. In fiscal 2012, the company generated sales of 3.1 billion euros (66 percent outside Germany) and employed approx. 13,700 people. Bosch Thermo-technology has strong international and regional brands and manufactures a diversified product range in Europe, America and Asia. Further information is available online at www.bosch-thermotechnology.com.