Johnson Controls Acquires 60% of Hitachi Appliance With Joint Venture Deal
MILWAUKEE— Johnson Controls has struck a deal to acquire a 60% stake in the Hitachi Appliance business of Hitachi. The joint venture will employ 13,800 workers and manufacture products in 24 plants around the world, according to Johnson Controls. The transaction is expected to close later this year, pending regulatory review. Johnson Controls announced in late 2013 that it would enter into a joint venture with Hitachi, but the agreement took a year to complete. “For Johnson Controls, this partnership reflects our strategic commitment to our buildings business as a growth platform,” said Alex Molinaroli, chairman and CEO of Johnson Controls. Johnson Controls reportedly will gain access to Hitachi’s distribution networks in China and Japan, as well as Hitachi’s compressors and variable refrigerant flow products.
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