2024-07-24 07:54:10
It is the largest deal in the company’s history to date: technology giant Bosch is taking over the air conditioning business of a US competitor for 7.4 billion euros.
The technology group Bosch is taking over the heating, ventilation and air conditioning technology business for buildings from the US group Johnson Controls. The company announced this on Tuesday. According to Bosch, the cost of the purchase amounts to eight billion US dollars, or 7.4 billion euros. It is “the largest transaction in Bosch’s history and an important milestone in the implementation of the corporate strategy 2030,” announced Bosch CEO Stefan Hartung.
In this context, the company also intends to fully acquire a joint venture between Johnson Controls and the Japanese industrial group Hitachi. The shareholders and the supervisory board of Bosch have approved the transaction, it said.
Binding agreements were signed by the parties involved on Tuesday. The takeover is expected to take place in twelve months – provided the authorities approve the deal.
According to the information, the businesses that Bosch wants to buy generated a total turnover of around four billion euros in the 2023 financial year and employ around 12,000 people worldwide. The transaction includes 16 production sites and twelve development sites in more than 30 countries. With the purchase, Bosch is strengthening its market position in the USA and Asia in particular, it said.
Bosch wants to integrate the acquired businesses into the Home Comfort Group with its administrative headquarters in Wetzlar. The Bosch subsidiary generated sales of around five billion euros in the 2023 fiscal year with 14,600 employees.