Bearer (NYSE: CARR) and Alat, an entity linked to Saudi Arabia’s PIF, planned to build a manufacturing and research and development facility that will provide advanced heating, ventilation and air conditioning solutions in the Kingdom, the companies said on Wednesday.
The deal will leverage Alat’s financial strength and Carrier’s technology and manufacturing capabilities to develop smart climate solutions “made in Saudi Arabia,” the companies said in a joint statement.
Carrier and Alat expect to start work on the facility later this year and up to 5,000 jobs are expected to be created locally to support the project.
Financial terms of the project were not disclosed.
Press release.