Dec. 3, 2013: Johnson Controls, Hitachi Announce Global Air Conditioning Joint Venture
Partnership Will Create One of the World’s Largest Commercial Air Conditioning Providers
MILWAUKEE and TOKYO — Johnson Controls Inc., Hitachi Ltd., and Hitachi Appliances Inc. today announced that the companies have signed a non-binding memorandum of understanding for a transaction in which Johnson Controls will obtain a 60 percent ownership stake in Hitachi Appliances’ global air conditioning business, excluding sales and service operations in Japan and certain other assets. The companies expect the joint venture to begin operations in 2014, subject to final due diligence and board approvals, definitive agreement on terms, required regulatory approvals, and other customary conditions.
The partnership will include key products such as variable refrigerant flow (VRF) and inverter technologies supporting both the commercial and residential HVAC markets. The companies said the joint venture will combine Johnson Controls’ global reach with Hitachi’s technology expertise.