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The company plans to acquire Johnson Controls’ global HVAC (heating, ventilation and air conditioning) business, which provides solutions for residential and light commercial buildings.

It will also acquire 100% of the shares in the Johnson Controls – Hitachi Air Conditioning (JCH) joint venture, including 40% of Hitachi’s shares. The transaction has been approved by the shareholders and the supervisory board of Bosch, and binding agreements were signed on 23 July 2024.

The acquisition is subject to customary closing conditions and regulatory approvals. The transaction is expected to be completed within 12 months. The purchase price is USD 8 billion.

“This is the largest transaction in Bosch’s history and an important milestone in the implementation of our corporate strategy to 2030. We are dynamically expanding our business, and this acquisition will make us a global leader in the promising HVAC market. It also strengthens our presence in the US and Asia and creates a better balance between the Group’s businesses. It is also part of our strategy to create new growth opportunities and strengthen the company as a whole,” said Dr Stefan Hartung, chairman of the board of management of Robert Bosch GmbH.

The acquired companies employ approximately 12,000 people worldwide and generate sales of approximately €4 billion in 2023. The acquisition includes 16 manufacturing sites and 12 engineering sites in more than 30 countries. The portfolio includes a full range of HVAC solutions for residential and light commercial applications, including well-known brands such as York and Coleman in the US and Hitachi in Asia. Bosch will receive a long-term licence for their use.

Christian Fischer, deputy chairman of the board of management of Robert Bosch GmbH and responsible for the company’s strategic growth initiatives, said: “With this acquisition, Bosch will accelerate its growth and almost double its sales in the HVAC market to around 9 billion euros. Together with our future colleagues, we want to take advantage of the enormous market opportunities to develop this new unit.

The company expects the global HVAC market to grow by 40% by 2030, driven by technological advances, climate protection efforts and new regulations. Bosch plans to integrate the acquired companies into its Home Comfort Group business unit, which currently employs 14,600 people and is expected to generate sales of around €5 billion in 2023. After the transaction, the Home Comfort Group will employ more than 26,000 people and will benefit significantly from increased scale and complementary heating and cooling products.