Johnson Controls, Hitachi Complete Global Air Conditioning JV Agreement

Johnson Controls,

, Hitachi, Ltd.

and Hitachi Appliances, Inc. today announced the companies have completed their global joint venture agreement and will immediately commence operations of Johnson Controls-Hitachi Air Conditioning to provide global customers with a full range of world class air conditioning products and technology.Through the agreement, Johnson Controls has acquired a 60 percent ownership stake of the new entity, which has more than 350 billion yen in sales annually (approximately $2.8 billion). 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. It will build on both organizations' technology, research and development leadership, as well as expanding marketing channels.Customers globally will now have the most diverse range of air conditioning products in the industry, including Hitachi's world-class variable refrigerant flow systems, residential air-conditioning solutions, high-efficiency chillers and leading-edge rotary and scroll compressors - in addition to Johnson Controls' industry leading HVAC and building automation solutions.The joint venture's management team will be led by Franz Cerwinka, chief executive