GEC NEWS WIREBosch is set to expand its Energy and Building Technology sector with a strategic acquisition. They plan to acquire Johnson Controls’ global HVAC solutions business for residential and light commercial buildings, including the 100 percent stake in the Johnson Controls-Hitachi Air Conditioning joint venture. The transaction, approved by Bosch shareholders and the supervisory board, involves a purchase price of $8 billion (7.4 billion euros). Completion is anticipated within 12 months pending regulatory approvals.
“As the biggest acquisition in Bosch history, this is an important milestone in the systematic implementation of our strategy for 2030. We are dynamically pushing ahead with the strong development of Bosch, and will achieve a globally leading position in the promising HVAC market with this acquisition,” said, Stefan Hartung, chairman of the board of management of Robert Bosch GmbH.
Together with JCH, the businesses Bosch intends to acquire generated sales revenue totaling roughly 4 billion euros in 2023, and employ some 12,000 people worldwide. The transaction includes 16 manufacturing sites and 12 engineering locations in more than 30 countries. The product portfolio covers the entire spectrum of HVAC solutions for residential and light commercial buildings, and includes well-known brands such as York and Coleman in the U.S. and Hitachi in Asia, for which Bosch will be granted a long-term license.
Jun Abe, executive officer and executive vice president at Hitachi, and executive officer and general manager of the Hitachi Connective Industries division, said, “The new partnership with Bosch to establish a global air-conditioning business is an important step. The market is dynamic, and is flourishing.”
