International. Johnson Controls, Hitachi, Ltd. and Hitachi Appliances, Inc. confirmed their joint global agreement that will immediately begin operations as Johnson Controls-Hitachi Air Conditioning, to provide its customers with a full range of air conditioning products and technology.
Through the deal, Johnson Controls has acquired a 60% stake in the new entity, which boasts more than ¥350 billion in annual sales (more than $2.8 billion). Hitachi Appliances retains ownership of the remaining 40% of the company.
The joint venture has approximately 14,000 employees and 24 global design, engineering and manufacturing locations in Asia, Europe and Latin America. It will build on both organizations' leadership in technology, research and development, as well as expand marketing channels.
The management team of the new alliance will be led by Franz Cerwinka, Chief Executive Officer, and Shinichi Iizuka, Chief Operating Officer and President. Cerwinka has 20 years of experience with Johnson Controls, including four years in Japan as vice president of finance for the automotive business and worked with more than ten joint ventures. Iizuka has been with Hitachi for over 35 years, having spent eight years in India as president of Hitachi Home and Life Solutions. He has led Hitachi's air conditioning business since 2013.
