Despite the development of the centrifugal refrigeration machine and the commercial growth of air conditioning to cool buildings in the 1920s, the company ran into financial difficulties, as did many others, as a result of the Wall Street Crash in October 1929. In 1930, Carrier Engineering Corp. merged with Brunswick-Kroeschell Company and York Heating &amp; Ventilating Corporation to form the Carrier Corporation, with Willis Carrier named Chairman of the Board.