The global joint venture agreement is operating as Johnson Controls-Hitachi Air Conditioning. Johnson Controls has a 60% stake in the new entity with Hitachi Appliances owning the remaining 40%. Johnson Controls CEO Alex Molinaroli and Hitachi CEO Hiroaki Nakanishi had reached an agreement in January to form the joint venture, which has approximately 14,000 employees and 24 locations for design, engineering and manufacturing throughout Asia, Europe and Latin America. It will build on both organisations' technology, research and development.
The joint venture's management team will be led by Franz Cerwinka, chief executive officer, and Shinichi Iizuka, chief operating officer and president.
"We are very pleased to start operations and are anxious to serve our customers with an unmatched global network of channels and technology," said Cerwinka. "Johnson Controls and Hitachi are a perfect match with our complementary product lines, unparalleled brands and rich 100-year histories."
"I have spent my career with Hitachi and know that combining with Johnson Controls will propel us forward to outperform the competition," added Iizuka. "Just as Hitachi and Johnson Controls have each made innovation the foundation of their separate success, innovation will now be the cornerstone of Johnson Controls – Hitachi Air Conditioning's success."