Bosch to buy Johnson Controls' HVAC solutions business
Industrial group Bosch is making a big move into the global HVAC solutions business with the EUR 7.4 billion purchase of Johnson Controls' residential and light commercial buildings operations.
With this deal – the biggest in its history – Bosch will acquire a business that generated sales revenue of around EUR 4 billion euros in 2023, and employs 12,000 people worldwide. The transaction includes 16 manufacturing sites and 12 engineering locations in more than 30 countries. The product portfolio includes brands such as York and Coleman in the US and Hitachi in Asia.
Bosch believes the current transformation in technologies and market conditions in HVAC opens up huge opportunities. Heating technology is moving away from fossil fuels such as oil and gas towards heat pumps and heat pump-hybrid solutions. At the same time, air-conditioning technology is growing in importance both in Europe and worldwide.
Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, said in an official statement: "This is an important milestone in the systematic implementation of our strategy for 2030. We are dynamically pushing ahead with the strong development of Bosch, and will achieve a globally leading position in the promising HVAC market with this acquisition. In taking this step, moreover, we will strengthen our presence in the US and Asia and achieve a better balance among our business sectors."
As part of this transaction, Bosch will acquire 100% of the Johnson Controls-Hitachi Air Conditioning (JCH) joint venture, including Hitachi’s 40% stake. The acquisition is subject to approvals from the antitrust authorities.
