Johnson Controls - Hitachi Air Conditioning India Ltd - Stock Valuation and Financial Performance

Johnson Controls–Hitachi Air Conditioning India was established on October 1, 2015 as a joint venture between Hitachi Appliances, Inc. (now Hitachi Global Life Solutions, Inc.) and Johnson Controls, Inc. Hitachi Appliances carved out and contributed its air conditioning business to the Joint Venture. Johnson Controls acquired a 60% stake of the carved-out business and Hitachi Global Life Solutions, Inc. continues as a 40% shareholder of this venture. With this joint venture, two rich, 100-year-old cultures and histories have come together to create one exciting new company, serving its combined customers with the most diverse product portfolio in the air conditioning industry.

The company has emerged as one of the main players in the Indian air-conditioning market. A pioneering figure among the most respected and regarded business entities in the industry, it has evolved radically. Headquartered in Ahmedabad, Gujarat, the company has its cutting-edge manufacturing facilities stationed at Kadi, Mehsana. With access to one of the largest manufacturing facilities in India, the Company’s manufacturing unit, holds the capacity to assemble under a single roof, a wide range of cooling products that cover both residential and commercial cooling functions.

It is passionate about exceeding expectations of its customers, and it looks forward to bringing innovative HVAC solutions to them. The company constantly innovates, brings in world-class technology, newer concepts and incorporate advanced features in order to provide an array of products to the entire world, which can make life for its clientele as comfortable and soothing as it can get. In order to serve its customers even better, the company owned and operated, 24x7 customer care centers, which provide prompt resolutions to customers concerns across India.

Business area of the company

The company manufactures a wide range of products, from room air-conditioners (Split & Window ACs) to commercial air-conditioners including VRF Systems, Ductable air-conditioners, Chillers and Telecom air-conditioners under the brand name of ‘Hitachi Cooling & Heating’. The company also deals with the trading of Refrigerators and Air Purifiers.

Product Portfolio

Residential Cooling Solution: Inverter Split Air Conditioners, Fixed Speed Split Air Conditioners, Window Air Conditioners.

Commercial Cooling & Heating Solution: Packaged Air Conditioners, Chillers, VRF, Space maker.

Home Appliances Solution: Refrigerators, Air Purifiers.

Certification

• ISO 14001- 2015 Environment Management System (EMS) Certified.
• ISO 9001:2015 Quality Management Systems.
• ISO 45001-2018 Certificate for Occupational Health and Safety Management Systems.

Awards

• 2016: Receives Environment Minister's Award for Global Warming Prevention Activities 2016.
• 2016: The Emerson Cup - For Product Innovation in Air Conditioning.
• 2018: Frost & Sullivan’s ‘Indian Smart Air Conditioners Company of the Year’ Award.
• 2018: India Copper Association’s ‘Copper Excellence Award’-For Successfully providing reliable and energy efficient room air conditioners by using 100% copper tubes.
• 2019: Hitachi room air conditioner ‘Shirokuma-kun’ awarded ‘FY2019 Energy Conservation Grand Prize’ of Japan.
• 2020: Design panel ‘Silent-Iconic’ and Hitachi room air conditioner ‘Shirokumakun’ W Series awarded 2020 Good Design Award.
• 2020: Design panel for 4-way cassette indoor unit ‘Silent-Iconic’ awarded iF DESIGN AWARD 2020.

Milestones

• 1984: The company was incorporated as Acquest Air conditioning Systems.
• 1991: The company launched its first side throw Air Conditioner (AC).
• 1992: The company launched the first Hi Wall Mounted Split AC.
• 1996: The company introduced the first ceiling mounted split AC.
• 1997: It launched its first Home AC brand – Nidra.
• 1999; The company launched 'Hitachi' brand of airconditioners in India. 
• 2001: Hitachi conducted first ever mass marketing of ACs with remote microprocessor controlled intelligence - Logicool.
• 2003: The company changed its name to Hitachi Home and Life Solutions (India).
• 2004: It introduced small split ACs in the world by using Lambda technology and named it as Hitachi Atom.
• 2004: It introduced the most powerful and silent window AC using Twin Turbo Technology and named it as Quadricool.
• 2005: Hitachi launched Quadricool -- a window AC that used twin motor technology.
• 2005: For a cleaner and healthier environment, Hitachi launched UV Fresh technology in Atom.
• 2005: The company launched Atom + One technology in split ACs that would cool two rooms with one unit.
• 2005: The company also launched Atom XL - A small cooling solution for the large areas.
• 2005: It introduced Hitachi refrigerators in India
• 2005: The company launched fully automatic washing machines in India.
• 2011: Launched i-Clean, India's First air conditioner with Automatic filter cleaning technology by which it cleans its filter automatically.
• 2011: Launched Summer, India's First 5 star rated Window air conditioner.
• 2012: Introduced India's First star rated Cassette air conditioner.
• 2012: Introduced 5 star rated Summer TM window air conditioner with twin motor technology.
• 2012: Introduced Inverter technology in refrigerators.
• 2013: Launched i-Clean Inverter AC and i-Clean Hot & Cold Inverter AC.
• 2013: Launched India's First French Door Bottom Freezer Refrigerator.
• 2013: Hitachi Home & Life Solutions (India) has re-constructed manufacturing facility at Karan Nagar.
• 2014: Japanese electronic goods maker Hitachi has emerged as the top contender to buy the promoter's stake in Crompton Greaves, a power transmission and distribution company owned by billionaire Gautam Thapar.
• 2015: Johnson Controls and Hitachi sign definitive agreement to form global HVAC joint venture.
• 2015: Hitachi Automotive establishes new auto parts plant in Tamil Nadu.
• 2016: Hitachi Elevator Asia has been awarded an order for 23 units of elevators from ITC which is setting up a five-star deluxe hotel project in Hyderabad.
• 2016: Hitachi Home & Life Solutions (India) changed to Johnson Controls.
• 2016: Hitachi Air Conditioning India and the trading symbol of the Company changed from HITACHIHOM TO JCHAC.
• 2016: Hitachi has announced a joint venture with electronics equipment manufacturer Johnsons Control to provide innovative and complete HVAC (heating, ventilation, and air conditioning) solutions.
• 2017-Newly Developed a Heat Recycle Absorption Chiller.
• 2018: Renewal Models of ‘FLEXMULTI-R’ Have Been Developed.
• 2019: Johnson Controls-Hitachi Air Conditioning opens Global Development Center in India.
• 2019: Johnson Controls-Hitachi Air Conditioning to relocate and expand factory in Wuhu, China.
• 2019: Johnson Controls-Hitachi Air Conditioning brings Hitachi compressor technology to China Refrigeration 2019.