Johnson Controls, Hitachi, Ltd. and Hitachi Appliances, Inc. entered into a definitive agreement for their global joint venture at the World Economic Forum in Davos. Johnson Controls will obtain a 60 percent ownership stake in Hitachi Appliances’ more than ¥300 billion (approximately $2.6 billion) global air conditioning business, excluding sales and service operations in Japan. The joint venture will bring customers a full range of air conditioning products, including variable refrigerant flow (VRF) technology, inverter technology based room air conditioners and absorption chillers – in addition to existing Johnson Controls products. With approximately 13,800 employees and 24 manufacturing plants, the joint venture will build on both organizations’ technology, research and development leadership, as well as their expanding marketing channels.