Carrier plans joint venture with Bosch
Farmington, Conn.-based Carrier signed an agreement with Robert Bosch North America Corp. to form a joint venture to develop and manufacture geothermal and water-source heat pumps for the North American residential and commercial segments.
The transaction completion is pending necessary regulatory approvals. The financial terms of the agreement were not disclosed.
Carrier, a world leader in high-technology heating, air-conditioning and refrigeration solutions, is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp.
Geothermal heat pumps, which use the constant below-ground temperature of soil or water to heat and cool buildings, use 25% to 50% less electricity than conventional heating or cooling systems, according to stats from the U.S. Department of Energy. With sales of geothermal heat pumps expected to nearly triple by 2020, Carrier entered into the agreement to enhance its offerings and service to the growing market, the company said.
Moving forward, Carrier geothermal and watersource heat pumps will be developed and manufactured in Fort Lauderdale, Fla.
Sales channels and the respective brands for each company will remain independent of one another.
“The Carrier team is excited by the opportunities this agreement will provide,” said Chris Nelson, president, residential and commercial systems, Carrier. “By bringing together the strengths of both companies … we will deliver a high level of value to our customers.”
“Geothermal heating is one of the most cost-effective and environmentally responsible heating and cooling options available to consumers,” said Richard Soper, president, Bosch Thermotechnology Corp.
Sears adds perks to sixth annual Heroes at Home Wish Registry
On Veteran’s Day, Sears launched its sixth annual Heroes at Home Wish Registry to help servicemen and women purchase clothes, toys, holiday decorations and other gifts.
Sears will be accepting donations (non-tax-deductible) through Nov. 22 both in-store and online, 100% of which will go toward military families across the country in the form of an e-gift card.
Additionally, for the first time since the program launched, Heroes at Home Wish Registry soldiers who are also Shop Your Way members will get 99% back in points on all purchases made with the gift card in December.
"This special Shop Your Way offer allows qualified Wish Registry members to essentially double the value of the gift card they will receive through the program," said Ron Boire, Sears Holdings’ EVP, CMO and president, Sears and Kmart formats. "Given the generosity of Shop Your Way members across America who contribute to the Wish Registry every year, we thought it fitting to extend this unprecedented bonus offer to the soldiers and military families who make countless sacrifices to support our country every day."
Beyond the Registry, Sears is also extending an offer to the military community via a free six-month Shop Your Way MAX membership. Those who validate military affiliation through TroopID can enjoy free two-day shipping on many items.
Sears has raised over $18 million, which has gone to more than 100,000 families, through the Wish Registry over the years.
In Canada, Sears sells real estate
Sears Canada announced that it has reached a definitive agreement with Montez Income Properties Corp. to sell its 50% joint venture interest in eight properties it owns with The Westcliff Group of Companies for approximately $315 million.
The agreement is subject to customary closing conditions, including site investigations and financing. The transaction is scheduled to close on Jan. 8. The properties involved are comprised of four regional shopping centers, two strip centers and two open-format retail centers. Westcliff will continue as 50% owner and exclusive manager of the properties.
Sears stores that are currently situated on these properties will remain in operation; there will be no impact on customers or associates in these stores as a result of this transaction.
"As we have previously stated, unlocking the value of assets is a lever we use as a way to help create total value," said Doug Campbell, president and CEO, Sears Canada. "The joint venture assets we are selling to Montez impact neither our store operations nor our ability to serve customers. As such, our primary focus in creating long-term value remains on the basics of the business and continuing to become more relevant with Canadians coast to coast."
Sears Canada is a multichannel retailer with a network that includes 181 corporate stores; 246 hometown dealer stores; more than 1,400 catalog merchandise pick-up locations; 101 Sears Travel offices; and a nationwide home maintenance, repair and installation network.