GEC NEWS WIRENew partnership expands air conditioning products and technology portfolio
Today, Johnson Controls, Hitachi and Hitachi Appliances entered into a definitive agreement for their global joint venture while at the World Economic Forum in Davos, Switzerland. The new 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.
With approximately 13,800 employees and 24 manufacturing plants, the joint venture will build on both organizations’ 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.
“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. “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.
