Johnson Controls International Plc is exploring a sale of a portfolio of heating and ventilation assets that could be valued at as much as $5 billion, people with knowledge of the matter said, as reported by Bloomberg reporters Kiel Porter and Carmen Arroyo.
Hitachi has first refusal rights related to this possible transaction. Johnson Controls–Hitachi Air Conditioning was established on October 1st, 2015 as a joint venture between Hitachi Appliances, Inc. (now Hitachi Global Life Solutions, Inc.) and Johnson Controls, Inc. Hitachi Appliances carved out and contributed its air conditioning business to the Joint Venture. Johnson Controls acquired a 60% stake of the carved-out business and Hitachi Global Life Solutions, Inc. continues as a 40% shareholder of this venture.
We are awaiting news from JCI and will share as we receive it.
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