Bosch to buy Johnson Controls HVAC portfolio for $8 billion
The companies announced an agreement early Tuesday morning
Image: Bosch
Bosch has agreed to buy Johnson Controls’ residential and light commercial HVAC portfolio, including York, for $8 billion.
Why it matters: Johnson Controls is moving away from the residential business and transforming itself into a “comprehensive solutions provider for commercial buildings.”
Background: In January, Johnson Controls announced it was selling its residential and light-commercial HVAC assets, York included, for — at the time — up to $5 billion.
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Bosch, Lennox, and Samsung in March were revealed as primary suitors, but until now, there hasn’t been much word.
What’s happening: The deal helps Bosch move away from its automotive segment and nearly doubles its “home comfort business” to ~$10 billion in revenue, Bloomberg noted.
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"We are pleased to have reached this pivotal milestone, which accelerates our transformation and positions Johnson Controls as a simpler, higher-growth company," said Johnson Controls CEO George Oliver.
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Neither Bosch nor Johnson Controls responded to Homepros’ request for comments.
Looking ahead: The deal, subject to regulatory approval, is expected to close in 12 months.
Note: This story was published on Monday, July 22, as a similar story, but updated early morning on July 23 as the news broke.
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