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The Bosch Group has laid the foundations to acquire 100% of the Johnson Controls-Hitachi Air Conditioning joint venture, including Hitachi’s 40% stake; the deal is $8 billion (£6.2 billion) and it expects it to be closed in approximately 12 months.
The Bosch shareholders and supervisory board have approved the transaction. Binding agreements on the acquisitions have been signed by both parties but its acquisition is subject to approvals from the antitrust authorities.
Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, said: “As the biggest acquisition in Bosch history, this is an important milestone in the systematic implementation of our strategy for 2030. We are dynamically pushing ahead with the strong development of Bosch, and will achieve a globally leading position in the promising HVAC market with this acquisition.
“In taking this step, moreover, we will strengthen our presence in the U.S. and Asia and achieve a better balance among our business sectors. This is also part of our strategy. In this way, we will open up further growth opportunities and put the company as a whole on a firmer footing.”
The company’s planned transaction includes 16 manufacturing sites and 12 engineering locations in more than 30 countries. The product portfolio covers the entire spectrum of HVAC solutions for residential and light commercial buildings, and includes well-known brands such as York and Coleman in the U.S. and Hitachi in Asia, for which Bosch will be granted a long-term license.
George Oliver, CEO of Johnson Controls, commented: “Our leading residential and light commercial business and its world-class team perfectly complement the Bosch portfolio. We are confident that under Bosch’s leadership the business will continue to excel and deliver innovative products and service to its customers. We look forward to seeing their continued success.”
