Bosch Group Strengthens Its Position In Market Of Climate Technology
Date
7/26/2024 12:21:41 AM
(MENAFN- AzerNews)
By Alimat Aliyeva
Deutsche Welle (DW) media company announces the largest deal in
the history of the German concern, which will make it one of the
world leaders in the market of air conditioners and heat pumps and
reduce dependence on the production of cars with an internal
combustion engine, Azernews reports.
"The Bosch brand was strongly associated in the Soviet Union by
motorists with spark plugs, and by housewives with washing machines
and other household appliances. Indeed: the German engineering
giant, with annual revenues of more than 90 billion euros, is the
world's largest supplier of components for the automotive industry,
primarily for manufacturers of cars with internal combustion
engines (ICE). And this is what has become increasingly worrying
for the management of the concern," the article says.
DW writes that the concern has concluded the largest deal in the
137-year history of the company, which it has now announced after
signing the agreement on July 23. The purchase of assets worth $ 8
billion, which amounts to approximately 7.4 billion euros, is
designed to significantly strengthen Bosch's position as a
manufacturer of products related to household, or rather, climate
technology: these are air conditioners, heat pumps related to them
in technology and other electrical equipment for cooling,
ventilation and heating of residential premises and small
commercial buildings.
Thus, the concern founded in 1886 in Stuttgart with the official
name Robert Bosch GmbH reacts immediately to two main global trends
of the 21st century: climate warming and decarbonization of all
spheres of life, the publication points out.
As noted in the Bosch press release, the importance of climate
technology is growing both in Europe and around the world. Heating
technology is moving away from fossil energy sources such as oil
and gas towards heat pumps and hybrid solutions based on heat
pumps.
Under the terms of the deal, the German concern buys from the
American Johnson Controls corporation its global division for the
production of climate and heating equipment and at the same time
fully acquires its joint venture with the Japanese industrial
holding Hitachi, the company for the production of Johnson Controls
air conditioners-Hitachi Air Conditioning. As a result, the German
concern, which already employs 430,000 people worldwide, receives
an additional 16 production sites and 12 design centers in more
than 30 countries.
MENAFN26072024000195011045ID1108484786
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.