06:41 AM EDT, 06/18/2024 (MT Newswires) -- Johnson Controls International ( JCI ) partner Hitachi plans to sell its 40% stake in their air conditioning joint venture, Bloomberg reported on Tuesday, citing people familiar with the matter.

The joint venture could be valued at 500 billion yen ($3.2 billion) in a potential deal, but talks are still in the early stages, the report said.

Johnson Controls ( JCI ) has been looking for selling its heating and ventilation assets, including its 60% ownership in Johnson Controls-Hitachi Air Conditioning, for several months, the report added.

A Hitachi representative told Bloomberg that no decision has been made at this time and the company is considering several options to "enhance its corporate value."

Johnson Controls ( JCI ) did not immediately respond to a request for comment from MT Newswires.

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