Johnson Controls and Hitachi Announce Global Air Conditioning Joint Venture

MILWAUKEE and TOKYO – (December 3, 2013) – Today Johnson Controls, Inc., Hitachi, Ltd. and Hitachi Appliances, Inc. (collectively referred to as Hitachi) announced that the companies have signed a non-binding memorandum of understanding for a transaction in which Johnson Controls will obtain a 60% ownership stake in Hitachi Appliances’ global air conditioning business, excluding sales and service operations in Japan and certain other assets. The companies expect the joint venture to begin operations in 2014, subject to final due diligence and board approvals, definitive agreement on terms, required regulatory approvals and other customary conditions.