MILWAUKEE and TOKYO, Jan. 21,
2015 /PRNewswire/ -- Today, Johnson Controls, Hitachi, Ltd.
and Hitachi Appliances, Inc. 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.
Through the agreement, Johnson Controls will obtain a 60 percent
ownership stake in Hitachi Appliances' more than ¥300 billion sales
(approximately $2.6 billion) 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.
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.
"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 Johnson Controls-Hitachi joint venture management team will
be led by Franz Cerwinka, CEO. He
has been with Johnson Controls for almost 20 years, having spent
four years in Japan as vice
president of finance for the Johnson Controls automotive business,
including experience with more than 10 joint ventures.
Johnson Controls is a global multi-industrial company with 130
years of history in supplying 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.
"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.
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 residential room air
conditioners to variable refrigerant flow systems, and other air
conditioning equipment for commercial and industrial
use. Hitachi Appliances will continue to provide Hitachi
branded HVAC products in the Japanese market after this
transaction.
About Johnson Controls
Johnson Controls is a global diversified technology and industrial
leader serving customers in more than 150 countries. Our 170,000
employees create quality products, services and solutions to
optimize energy and operational efficiencies of buildings;
lead-acid automotive batteries and advanced batteries for hybrid
and electric vehicles; and interior systems for automobiles. Our
commitment to sustainability dates back to our roots in 1885, with
the invention of the first electric room thermostat. Through our
growth strategies and by increasing market share we are committed
to delivering value to shareholders and making our customers
successful. In 2014, Corporate Responsibility magazine
recognized Johnson Controls as the #12 company in its annual "100
Best Corporate Citizens" list. For additional information, please
visit http://www.johnsoncontrols.com or follow @johnsoncontrols on
Twitter.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501),
headquartered in Tokyo, Japan,
delivers innovations that answer society's challenges with our
talented team and proven experience in global markets. The
company's consolidated revenues for fiscal 2013 (ended March 31, 2014) totaled 9,616 billion yen ($93.4
billion). Hitachi is focusing more than ever on the Social
Innovation Business, which includes infrastructure systems,
information & telecommunication systems, power systems,
construction machinery, high functional materials & components,
automotive systems, healthcare and others. For more information on
Hitachi, please visit the company's website at
http://www.hitachi.com.
About Hitachi Appliances, Inc.
Hitachi Appliances,
Inc., headquartered in Tokyo, was
established in April 1, 2006, through
the merger of Hitachi Air Conditioning Systems Co., Ltd. and
Hitachi Home & Life Solutions,
Inc. that were both wholly owned by Hitachi, Ltd. Its
consolidated sales for fiscal year ended March 31, 2014, totaled 656 billion yen (approximately $6.4 billion). The company supplies eco-friendly,
comfortable home appliances and air conditioning products around
the world capitalizing on its cutting-edge technologies.
For more information on Hitachi Appliances, please visit
http://www.hitachi-ap.com/index.html
CONTACT:
|
|
Fraser
Engerman
414-524-2733
fraser.engerman@jci.com
Johnson
Controls
|
Yoji Maruo
+81-3-5208-9325
yoji.maruo.pt@hitachi.com
Hitachi,
Ltd.
|
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SOURCE Johnson Controls