Johnson Controls, Hitachi Ltd. and Hitachi Appliances Inc. 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 air conditioning products and technology.
Through the agreement, Johnson Controls has acquired a 60% ownership of the new entity, which has more than ¥350 billion in sales annually (approximately US $2.8 billion). Hitachi Appliances retains the remaining 40%. The JV has approximately 14,000 employees and 24 global locations throughout Asia, Europe and Latin America. The JV’s management team will be led by Franz Cerwinka, chief executive officer, and Shinichi Iizuka, chief operating officer and president.