The 2020 Mid-Year Economic Update_long

Johnson Controls Agrees to Buy 60% of Hitachi’s Global A/C Business

The companies expect the joint venture to begin operations in 2014.

Johnson Controls, Milwaukee, WI, has agreed to acquire a 60 percent stake in Tokyo-based 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.

The partnership will include products such as variable refrigerant flow and inverter technologies supporting both the commercial and residential markets. The joint venture will combine Johnson Controls’ global reach with Hitachi’s technology expertise.

“Technology leadership derived from its ongoing investments in research and development have established Hitachi as a key contributor to the global HVAC industry,” Alex Molinaroli, president and CEO of Johnson Controls, said.

“The addition of these capabilities adds key technologies to our product portfolio. Combined with our existing $15 billion building technologies and services business, this investment positions Johnson Controls as the world’s largest commercial air conditioning provider,” Molinaroli said.

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