Through the agreement, Johnson Controls will obtain a 60% ownership stake in Hitachi Appliances' more than ¥300 billion sales (approximately $2.6 billion) of 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.
"For Johnson Controls, this partnership reflects our strategic commitment to our buildings business as a growth platform," said Alex Molinaroli, chairman and chief executive officer, Johnson Controls. "The joint venture will propel us forward with superior products, enabling Johnson Controls to deliver the most diverse technology portfolio in the industry to meet customer demands across the changing global marketplace."
"The worldwide HVAC market is continuing to grow steadily, and the demand for energy efficient air conditioning systems with state-of-the-art technologies is expanding. As air conditioning systems are a key building block for building solutions, we believe this partnership will allow Hitachi and Johnson Controls to deliver the best solutions for our customers. Furthermore, in addition to air conditioning systems, we will be able to provide other building solutions that will enhance efficiencies throughout buildings, as well as surrounding areas," said Hiroaki Nakanishi, Chairman & CEO, Hitachi, Ltd.
