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Johnson
Controls and Hitachi Announce Global Air Conditioning
Joint Venture.
Johnson
Controls together with new joint venture will create
world's largest commercial air conditioning provider.
Johnson Controls, Inc., Hitachi, Ltd. and Hitachi
Appliances, Inc. (collectively referred to as Hitachi)
announced that the companies have signed a non-binding
memorandum of understanding for a transaction in which
Johnson Controls will obtain a 60% ownership stake in
Hitachi Appliances' global air conditioning business,
excluding sales and service operations in Japan and
certain other assets. The companies expect the joint
venture to begin operations in 2014, subject to final
due diligence and board approvals, definitive agreement
on terms, required regulatory approvals and other
customary conditions.
Building on the leadership of both companies, the
partnership will include key products such as variable
refrigerant flow (VRF) and inverter technologies
supporting both the commercial and residential markets.
The joint venture will combine Johnson Controls' global
reach with Hitachi's technology expertise.
"Technology leadership derived from its ongoing
investments in research and development have established
Hitachi as a key contributor to the global HVAC
industry," said Alex Molinaroli, president and chief
executive officer, Johnson Controls. "The addition of
these capabilities adds key technologies to our product
portfolio. Combined with our existing $15 billion
building technologies and services business, this
investment positions Johnson Controls as the world's
largest commercial air conditioning provider."
A global multi-industrial company, Johnson Controls is a
leading supplier of heating, ventilation,
air-conditioning, building controls, refrigeration and
security systems for buildings. Through its Building
Efficiency business, the company delivers solutions that
increase energy efficiency and lower operating costs for
over a million customers who are served through nearly
700 offices in more than 150 countries.
A global home appliances and air conditioning solutions
provider, Hitachi Appliances, a wholly owned subsidiary
of leading global electronics and infrastructure
solutions provider Hitachi, Ltd., supplies high quality,
efficient and reliable air conditioning solutions across
the globe, from inverter based residential room air
conditioners to variable refrigerant flow systems, and
other air conditioning equipment for commercial and
industrial use.
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