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Carrier, the largest manufacturer and distributor of Heating Ventilating and Air-conditioning (HVAC) solutions and part of United Technologies Corp.’s (UTX - Analyst Report) UTC Building & Industrial Systems, recently signed an agreement to form a joint venture with Robert Bosch North America Corporation. Robert Bosch North America Corporation is a supplier of technology and services. The financial terms were not disclosed. The respective brands and revenue channels for each company will remain independent of one another.

The joint venture aims to develop and manufacture geothermal and water-source heat pumps for the North American residential and commercial segments.
According to the U.S. Department of Energy, geothermal heat pumps consume 25%-50% less electricity than conventional heating or cooling systems and are competitive in comparison to other products available in the market. They use the constant below-ground temperature of soil or water to heat and cool buildings and are suitable for environment-friendly heating and cooling options available to consumers.

The sales of geothermal heat pumps are expected to nearly triple by 2020 and this joint venture is an initiative in this endeavor to enhance Carrier’s offerings and services in the growing market.  The geothermal and water-source heat pumps will be manufactured at the joint venture’s Florida heat pump manufacturing plant in Fort Lauderdale.

Based in Hartford, Conn., United Technologies, the parent company of Carrier, provides high-end technology products and services to the building systems and aerospace industries worldwide. The company is a diversified business conglomerate serving various end markets such as aerospace, defense and commercial construction. The business diversification allows United Technologies to remain profitable amid challenging macroeconomic environment.

United Technologies currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include Hutchison Whampoa Limited (HUWHY), ITT Corporation ((ITT - Analyst Report) and Tyco International Ltd. (TYC - Analyst Report), each having a Zacks Rank #2 (Buy).

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