Yahoo Finance Johnson Controls (JCI) Acquires Norway-Based Hybrid Energy
Johnson Controls International plc JCI has acquired Lysaker, Norway-based company Hybrid Energy AS, a high-temperature energy management solutions provider, which focuses on heat pumps for district heating and industrial processes. The financial terms of the transaction were kept under wraps.
Johnson Controls will be able to leverage Hybrid Energy’s ability to provide extremely high-temperature process heating while maintaining energy efficiency. The acquisition adds to JCI’s resources and helps reduce energy consumption in buildings, thus providing customers with a single source for heating solutions.
Johnson Controls International plc Price
Johnson Controls International plc price | Johnson Controls International plc Quote
Hybrid Energy’s unique technology will help Johnson Controls provide its customers with cost-effective solutions, while simultaneously addressing decarbonization and sustainability efforts in Europe and other places. Using ultra-low-global warming potential natural refrigerants, Hybrid Energy provided solutions that can attain temperatures of 100 degrees Celsius and more through patented technology. These solutions will help the European Union lower greenhouse gas emissions 55% by 2030 and accomplish the Green Deal of being climate neutral by 2050. This will also lessen the dependency on fossil fuels.
This buyout allows Johnson Controls to provide high-temperature heat pumps in rapidly growing district heating and industrial markets, mainly in Europe. The acquisition helps JCI cater to high-temperature heating requirements with a hybrid heat pump as its core.
Zacks Rank & Stocks to Consider
JCI currently carries a Zacks Rank #4 (Sell). Some better-ranked companies from the Industrial Products sector are discussed below:
Xylem Inc. XYL presently sports a Zacks Rank #1 (Strong Buy). XYL’s earnings surprise in the last four quarters was 13.3%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, Xylem’s earnings estimates have increased 0.1% for 2022. The stock has gained 54.1% in the past six months.
MRC Global Inc. MRC presently has a Zacks Rank #2 (Buy). MRC’s earnings surprise in the last four quarters was 103%, on average.
In the past 60 days, MRC Global’s earnings estimates have increased 0.1% for 2022. The stock has gained 17.5% in the past six months.
IDEX Corporation IEX presently has a Zacks Rank of 2. IEX’s earnings surprise in the last four quarters was 5.7%, on average.
In the past 60 days, IDEX’s earnings estimates have increased 0.1% for 2022. The stock has rallied 4.1% in the past year.
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