Hitachi looking to sell AC joint venture
18th June 2024
JAPAN: Hitachi is looking to sell its 40% stake in the Johnson Controls-Hitachi Air Conditioning joint venture, with Bosch, Lennox and Samsung among the suitors.
Earlier this year, it was revealed that Johnson Controls was considering divesting its stake in the global air conditioning JV as part of a sale of its HVAC businesses. Hitachi was believed to have first option on Johnson Controls’ 60% stake, but now it’s Hitachi looking to sell, according to reports by Bloomberg.
Earlier today, Johnson Controls announced the sales of its Air Distribution Technologies business to a US private equity firm.
The Johnson Controls-Hitachi joint venture, which was established in 2015, could be valued at around JPY500bn ($3.2bn).
According to Bloomberg’s sources, Hitachi does not intend to withdraw from the air conditioning business after divesting its joint venture, and is expected to continue its focus on the business sector.
Related stories:
Johnson Controls’ HVAC sale attracts interest – 23 March 2024
IRELAND: Robert Bosch, Lennox International and Samsung Electronics are rumoured to be amongst a number of industrial businesses interested in acquiring Johnson Controls’ HVAC assets. Read more…
Johnson Controls to sell HVAC businesses? – 27 January 2024
IRELAND: Johnson Controls is rumoured to be exploring the sale of its HVAC businesses, which could include York International, Air Distribution Technologies and its stake in its Hitachi joint venture. Read more…
Johnson Controls takes 60% of Hitachi ac – December 3, 2013
USA and JAPAN: Johnson Controls is to take a 60% stake in Hitachi Appliances’ global air conditioning business. Read more…
