Hitachi Australia announces a new joint venture between Johnson Controls and Hitachi to create a mega air conditioning equipment business.
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.
To begin operations in 2014, the joint venture partnership builds on the leadership of both companies, and 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.
Alex Molinaroli, president and chief executive officer, Johnson Controls explains that technology leadership derived from its ongoing investments in research and development has established Hitachi as a key contributor to the global HVAC industry. These new capabilities add key technologies to Johnson Controls’ product portfolio, which combined with their existing $15 billion building technologies and services business, positions Johnson Controls as the world's largest commercial air conditioning provider.
Johnson Controls is a leading supplier of heating, ventilation, air-conditioning, building controls, refrigeration and security systems for buildings worldwide.
A global home appliance and air conditioning specialist, and a wholly owned subsidiary of Hitachi, Ltd, Hitachi Appliances 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.