Johnson Controls’ HVAC sale attracts interest
23rd March 2024IRELAND: Robert Bosch, Lennox International and Samsung Electronics are rumoured to be amongst a number of industrial businesses interested in acquiring Johnson Controls’ HVAC assets.
The sale could include York International, Air Distribution Technologies and its stake in the Johnson Controls Hitachi joint venture.
Chairman and CEO George Oliver confirmed at the end of January that the company was in the early stages of “pursuing strategic alternatives” for its non-commercial product lines.
The sale of its residential, non-commercial assets would represent around 25% of Johnson Controls’ business.
The company acquired York International in 2005 for $3.2bn. At the time York was recognised as the world’s largest independent manufacturer of air conditioning, heating, and refrigeration equipment.
It is believed that Hitachi has first option on Johnson Controls’ 60% stake in the Johnson Controls Hitachi air conditioning JV set up in 2015.
Texas-based Air Distribution Technologies – a manufacturer of a wide range of products including grilles, registers, diffusers, terminal units, fire and smoke dampers and fans – was acquired for $1.6bn in 2015.