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Hitachi, Johnson Controls ink global HVAC joint venture

Posted: 23 Jan 2015 ?? ?Print Version ?Bookmark and Share

Keywords:Johnson Controls? HVAC? joint venture? Hitachi?

Johnson Controls, Hitachi Ltd. and Hitachi Appliances Inc. entered into a definitive agreement for their global joint venture while at the World Economic Forum in Davos. The Johnson Controls-Hitachi joint venture will allow both companies to deliver the most diverse technology portfolio in the heating, ventilation, air conditioning and refrigeration industry.

Through the agreement, Johnson Controls will obtain a 60 per cent ownership stake in Hitachi Appliances' valued at more than $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 world-class variable refrigerant flow (VRF) technology, leading-edge inverter technology based room air conditioners and absorption chillers, on top of existing Johnson Controls products that meet global customer demands.

With nearly 13,800 employees and 24 manufacturing plants, the joint venture will build on both organisations' technology, research and development leadership, as well as their expanding marketing channels. The transaction is expected to close later this year, subject to regulatory approvals and satisfaction of other customary conditions.

The Johnson Controls-Hitachi joint venture management team will be led by Franz Cerwinka, CEO. He has been with Johnson Controls for almost 20 years, having spent four years in Japan as VP of finance for the Johnson Controls automotive business, including experience with more than 10 joint ventures.

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