Energy

What’s Behind Johnson Controls Move to Divest Residential & Light Commercial HVAC to Bosch?

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This Research Note examines what’s behind Johnson Controls’ latest move to divest its residential and light commercial HVAC equipment business to the Bosch group. We review the transaction details and rationale in the context of JCI’s strategic transformation, before exploring other non-core divestments and our conclusions. Residential & Light Commercial HVAC Transaction Details On 23rd July 2024, Johnson Controls International (JCI) agreed to sell its Residential and Light Commercial (R&LC) HVAC business in an all-cash transaction to the Bosch group. The transaction includes the North America ducted business and the global residential joint venture with Hitachi, Ltd., of which JCI owns 60% and Hitachi owns 40%. In fiscal 2023, the R&LC HVAC business generated approximately $4.5 billion in consolidated revenue. The total transaction is valued at $8.1 billion, with JCI’s portion of the consideration at approximately $6.7 billion. The JCI portion includes roughly $4.6 billion for its North America ducted business representing a multiple of […]

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