Hitachi Planning to Sell its Stake From Johnson Controls-Hitachi JV

USA/Japan: Hitachi is planning to sell its 40% stake in the Johnson Controls-Hitachi Air Conditioning joint venture, with potential buyers including Bosch, Lennox, and Samsung. Initially, Johnson Controls was contemplating divesting its 60% stake in the global air conditioning JV as part of a broader sale of its HVAC businesses. Although Hitachi reportedly had the first option to buy Johnson Controls' stake, it has now decided to sell its own share, as reported by Bloomberg.

Additionally, Johnson Controls recently announced the sale of its Air Distribution Technologies business to a US private equity firm. The Johnson Controls-Hitachi joint venture, which was formed in 2015, is estimated to be valued at approximately JPY 500bn (USD 3.2bn).

Source: Bloomberg