The German Bosch Group, in an effort to diversify, has decided to buy the assets of the American company Johnson Controls for the production of ventilation and air conditioning systems for $8 billion. This will be the largest agreement in the history of Bosch, the group's press service reported.
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As part of the agreement, Bosch will also become the owner of the Johnson Controls – Hitachi Air Conditioning joint venture, including a 40% stake in the Japanese Hitachi.
The agreement has already been approved by Bosch shareholders and the supervisory board, but it still needs to be reviewed by antitrust authorities. It is expected to be closed within 12 months.
Bosch will become the owner of 16 factories and 12 engineering centers in more than 30 countries. Its portfolio will include brands such as York and Coleman in the US and Hitachi in Asia under long-term licenses.