BERLIN, Aug. 1 (Xinhua) -- The Bosch Group has finalized the largest acquisition in its history, acquiring Johnson Controls' residential and light commercial heating, ventilation, and air conditioning (HVAC) business, along with its stake in a joint venture with Hitachi.
The 8 billion-U.S.-dollar deal finalized Thursday is a key part of Bosch's corporate strategy to 2030, aimed at accelerating growth, expanding its global presence, and strengthening its energy and building technology division, Stefan Hartung, chairman of the Bosch board of management, said Friday.
The acquisition nearly doubles the size of Bosch's Home Comfort division to over 25,000 employees and more than 8 billion euros (9.12 billion U.S. dollars) in annual sales.
Bosch now ranks among the world's largest suppliers of residential and small commercial HVAC systems. It significantly enhances the company's presence in key markets, particularly North America and Asia.
The company aims to outpace the global HVAC market, which it expects to grow by up to 5 percent annually through 2030. The integration of the new units, adding brands such as York in the United States and Hitachi in Asia, will be completed by the end of 2027.
The acquisition expands Bosch's production network from 17 to 33 plants and its R&D sites from 14 to 26 globally. The company also secured long-term licensing rights to use the York and Hitachi brand names. (1 euro = 1.14 U.S. dollar) ■
