Johnson Controls and Hitachi Announce Global Air Conditioning Joint Venture

Today Johnson Controls, Inc., Hitachi, Ltd. and Hitachi Appliances, Inc. (collectively referred to as Hitachi) announced that the companies have signed a non-binding memorandum of understanding for a transaction in which Johnson Controls will obtain a 60% ownership stake in Hitachi Appliances’ global air conditioning business, excluding sales and service operations in Japan and certain other assets.