Johnson Controls to sell heating and ventilation assets to Bosch in $6.7 billion deal

(Reuters) – Johnson Controls International (JCI) said on Tuesday that it will sell a portfolio of its heating and ventilation units to Germany’s Bosch Group for $6.7 billion.

The sale of JCI’s residential and light commercial heating, ventilation and air conditioning (HVAC) assets includes its North America ducted business and its residential joint venture with Japan’s Hitachi.

Including Hitachi’s consideration, the transaction is valued at $8.1 billion, JCI said.

Hitachi will retain certain ductless HVAC assets in Shimizu, Japan, JCI added.

(Reporting by Shivani Tanna in Bengaluru; Editing by Sonia Cheema and Savio D’Souza)