Johnson Controls-Hitachi Air Conditioning To Commence Operations - Quick Facts

(RTTNews) - Johnson Controls, (JCI), Hitachi, Ltd. (HTHIF.PK, HTHIY.PK) and Hitachi Appliances, Inc. announced the companies have completed their global joint venture agreement and will immediately commence operations of Johnson Controls-Hitachi Air Conditioning to provide global customers with a full range of air conditioning products.

Johnson Controls has acquired a 60 percent ownership stake of the new entity. Hitachi Appliances retains ownership of the remaining 40 percent of the company.The joint venture has approximately 14,000 employees and 24 global locations.

The joint venture's management team will be led by Franz Cerwinka, CEO, and Shinichi Iizuka, COO and president. Cerwinka has 20 years of experience with Johnson Controls. Iizuka has been with Hitachi for over 35 years. He has led Hitachi's air conditioning business since 2013.