Johnson Controls and Hitachi complete global air conditioning joint venture

Through the agreement, Johnson Controls has acquired a 60 percent ownership stake of the new entity, which has more than USD 2.8 billion in sales annually. Hitachi Appliances retains ownership of the remaining 40 percent of the company. The joint venture has approximately 14'000 employees and 24 global locations dedicated to design, engineering and manufacturing throughout Asia, Europe and Latin America. The joint venture's management team 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 with the company's automotive business and work with more than ten joint ventures. Iizuka has been with Hitachi for over 35 years, having spent eight years in India as the president of Hitachi Home & Life Solutions India Ltd. He has led Hitachi's air conditioning business since 2013. "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."