Jan. 23, 2015: Johnson Controls, Hitachi Sign Agreement to Form Global HVAC Joint Venture
Johnson Controls Will Obtain a 60 Percent Ownership Stake in Hitachi Appliances’ Global Air Conditioning Business
MILWAUKEE and TOKYO — Johnson Controls, Hitachi Ltd., and Hitachi Appliances Inc. have entered into a definitive agreement for a global joint venture while at the World Economic Forum in Davos, Switzerland. The companies said the new joint venture will allow them to deliver one of the most diverse technology portfolios in the HVACR industry.
Through the agreement, Johnson Controls will obtain a 60 percent ownership stake in Hitachi Appliances’ more than ¥300 billion sales (approximately $2.6 billion) global air conditioning business, excluding sales and service operations in Japan. The Johnson Controls-Hitachi joint venture will bring customers a full range of air conditioning products, including variable refrigerant flow (VRF) technology, inverter technology-based room air conditioners, and absorption chillers — on top of existing Johnson Controls products that meet global customer demands.