Johnson Controls Completes Acquisition Of York International
作者: 整理时间:2005-12-20
12/19/2005
Milwaukee, WI - Johnson Controls, Inc. (JCI) recently announced that it has completed its acquisition of York International, a global supplier of heating, ventilating, air-conditioning and refrigeration (HVAC&R) equipment and services.
The closing followed approval of the acquisition by York shareholders earlier today. Johnson Controls is paying York shareholders $56.50 for each outstanding share of common stock. The total value of the acquisition is approximately $3.2 billion.
York, with estimated annual revenues of nearly $5 billion, will become part of the Johnson Controls building efficiency business, which generated sales of $5.7 billion in 2005. The combined business will serve customers in 125 countries from over 700 locations.
揟he complementary capabilities of the two businesses create an offering that will reshape our industry and deliver benefits to our customers and shareholders,?said Stephen A. Roell, Johnson Controls vice chairman and executive vice president. 揝ince the acquisition was announced, a team of employees from both companies has been working together to plan for the quick and effective integration of our organizations. Because of our similar cultures and values we抳e been able to work productively from the very start, and we are pleased with the progress we have already made.?
Mr. Roell continued, 揂s we have moved through the integration planning process, we have become increasingly confident in our ability to deliver the expected $275 million in cost and growth synergies by 2008 as we outlined in our original announcement in August.?P>
Following the completion of the transaction today, the Johnson Controls Board of Directors elected former York Chief Executive Officer and President C. David Myers as a vice president and corporate officer of Johnson Controls. The company also named Mr. Myers as president of its building efficiency business. He reports to Mr. Roell.
SOURCE: Johnson Controls
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