Technology giant grows
In a global deal to further boost technology giant Johnson Controls, the multinational has entered into a joint venture with Hitachi.
Benefiting the Building Efficiency division of the company, Johnson Controls bought a 60% ownership stake in Hitachi Appliances, in a deal struck at the World Economic Forum in Davos recently.
The transaction is expected to close later this year.
Johnson Controls said the joint venture would allow both companies to deliver a more diverse technology portfolio in the heating, ventilation, air-conditioning and refrigeration (HVAC) industry to clients worldwide.
While the specific deal amount was not divulged, Hitachi Appliances has more than $2.6-billion (R30-billion) of sales in the global air-conditioning business, excluding sales and service operations in Japan.
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