As part of the deal, Bosch also intends to acquire 100 per cent of the Johnson Controls-Hitachi Air Conditioning (JCH) joint venture from Johnson Controls and Hitachi. This also includes the 40 per cent stake held by the Japanese Hitachi. The Bosch shareholders and supervisory board have already approved the transaction. Binding agreements have been signed by all parties involved.
Bosch wants more presence in the US and Asia
However, the takeover is subject to regulatory approvals. The purchase price for the acquired businesses is eight billion US dollars (7.4 billion euros). The takeover is expected to be finalised in twelve months. It is the largest acquisition in Bosch's corporate history, says Stefan Hartung, Chairman of the Managing Director of Robert Bosch.
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The acquisition gives the Group a leading global market position in the heating, ventilation and air conditioning market and strengthens its presence in the US and Asia. ‘This will open up further growth opportunities for us and make the entire company even more robust,’ explains Hartung.
Moving away from oil and gas towards heat pumps
According to Bosch, the current change in technologies and market conditions in the heating, ventilation and air conditioning solutions market opens up great opportunities to deliver innovative and energy-efficient solutions for climate protection and the energy transition. Heating technology is moving away from fossil fuels such as oil and gas towards heat pumps and heat pump hybrid solutions.
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At the same time, air conditioning technology is becoming increasingly important in Europe and worldwide. "With this acquisition, we are strengthening our position in the area of air conditioning in particular. We can also expand our heat pump business globally and achieve better economies of scale,’ emphasises Frank Meyer, Managing Director responsible for the Bosch Home Comfort Group and the integration of the new unit. (nhp/mfo)
