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Johnson Controls, Hitachi in pact
US-based Johnson Controls and Japan’s Hitachi Ltd entered into a definitive agreement for their global joint venture at the World Economic Forum in Davos.
Hyderabad: US-based Johnson Controls and Japan’s Hitachi Ltd entered into a definitive agreement for their global joint venture at the World Economic Forum in Davos. The new joint venture will allow both companies to deliver 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’ more than $$2.6 billion global air conditioning business, excluding sales and service operations in Japan. The JV will bring customers a full range of air conditioning products, including world-class variable refrigerant flow (VRF) technology.
With nearly 13,800 employees and 24 manufacturing plants across the world, the joint venture will build on both organizations’ technology, research and development leadership. The deal is expected to benefit their Indian operations as well. “For Johnson Controls, this partnership reflects our strategic commitment to our buildings business as a growth platform,” said Alex Molinaroli, Chairman and CEO, Johnson Controls.
