Johnson Controls to sell HVAC businesses?27th 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.
According to Bloomberg, the Irish-domiciled American multinational conglomerate is working with advisors to gauge interest in the businesses which could be worth around $5bn.
The sale would allow Johnson Controls to concentrate on its OpenBlue suite of connected AI smart building solutions and services.
Johnson Controls acquired York International in 2005 for $3.2bn. At the time York was recognised as the world’s largest independent manufacturer of air conditioning, heating, and refrigeration equipment.
A 60% stake in the air conditioning business of Japanese manufacturer Hitachi was finally agreed in 2015. The deal for Hitachi Appliances’ $2.6bn global air conditioning business, excluding sales and service operations in Japan.
Texas-based Air Distribution Technologies – a manufacturer of a wide range of products including grilles, registers, diffusers, terminal units, fire and smoke dampers and fans – was acquired for $1.6bn in 2015.
Johnson Controls has so far not commented on the rumours.
Johnson Controls buys air distribution firm – 17 April 2014
USA: Johnson Controls is to acquire Air Distribution Technologies, the Texas-based manufacturer of air distribution products, for $1.6bn. Read more…