Bosch, a German tech company, has bought the global HVAC business of Johnson Controls.
The deal will include 16 manufacturing sites and 12 technical sites in over 30 countries and should be finished in 12 months.
As part of the deal, Bosch will also take over the Johnson Controls-Hitachi Air Conditioning (JCH) joint company, which Hitachi has a 40% share in.
In a statement made last week, Bosch said that it would be given a long-term license to sell well-known names like York and Coleman in the US and Hitachi in Asia. The product range includes all kinds of HVAC options for homes and small businesses.
This is the biggest purchase that Bosch has ever made, and according to their boss Stefan Hartung, it is a big step toward putting their plan for 2030 into action.
They are moving quickly forward with the strong growth of Bosch, and with this purchase, they will become the world leader in the potential HVAC market.
As part of its plan to grow its energy and building technology for homes and light business buildings, Bosch is buying the company.
The new companies brought in about $4.3 billion in sales and hired 12,000 people around the world.
After the purchase, Bosch plans to almost double the sales of its Home Comfort Group, from about $5.4 billion to $9.7 billion. The company also wants to grow in the US and Asia and create a complete range of heating and cooling products.