Johnson Controls vies to obtain 60 per cent ownership of Hitachi Appliances

Johnson Controls Inc. and Hitachi (Hitachi Ltd. and Hitachi Appliances Inc.) have signed a non-binding memorandum of understanding for Johnson Controls to obtain a 60 per cent ownership stake in Hitachi Appliances’ global air conditioning business, excluding sales and service operations in Japan and certain other assets. The partnership will include key products such as variable refrigerant flow and inverter technologies supporting both the commercial and residential markets.