Johnson Controls and Hitachi complete global air conditioning joint venture
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Johnson Controls (JCI), Hitachi Complete JV Agreement; Will Immediately Commence Operations
October 1, 2015 7:27 AM EDTJohnson Controls (NYSE: JCI) , Hitachi, Ltd. (OTC: HTHY), and Hitachi Appliances, Inc. announced the companies have completed their global joint venture agreement and will immediately commence operations of Johnson Controls-Hitachi Air Conditioning to provide global customers with a full range of world class air conditioning products and technology.
Through the agreement, Johnson Controls has acquired a 60 percent ownership stake of the new entity, which has more than ¥350 billion in sales annually (approximately $2.8 billion). Hitachi Appliances retains ownership of the remaining 40 percent of the company.
The joint venture has approximately 14,000... More
