Johnson Controls Completes Sale of HomeLink Business
MILWAUKEE, Sept. 27, 2013
MILWAUKEE, Sept. 27, 2013 /PRNewswire/ --Johnson Controls, Inc. (NYSE: JCI),
today announced that it has completed the sale of its HomeLink® business to
Gentex Corporation (NASDAQ: GNTX) of Zeeland, Michigan. The HomeLink sale
agreement was announced in July 2013 following the company's decision to sell
its entire automotive electronics business earlier in the year.
Johnson Controls said it received approximately $700 million for the business,
subject to adjustments, which includes all HomeLink assets, intellectual
property and testing facilities.
HomeLink is a vehicle-based control system that enables drivers to remotely
activate garage door openers, entry door locks, home lighting, security
systems, entry gates, and other radio frequency convenience products. The
system has been integrated into Gentex automatic-dimming rearview mirrors for
more than 10 years.
Johnson Controls also said it was pleased to report that the process to sell
the balance of its automotive electronics business is proceeding very well
with a high level of continued interest from multiple strategic buyers.
Johnson Controls now expects to complete the bidding process by the end of the
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader
serving customers in more than 150 countries. Our 168,000 employees create
quality products, services and solutions to optimize energy and operational
efficiencies of buildings; lead-acid automotive batteries and advanced
batteries for hybrid and electric vehicles; and interior systems for
automobiles. Our commitment to sustainability dates back to our roots in 1885,
with the invention of the first electric room thermostat. Through our growth
strategies and by increasing market share we are committed to delivering value
to shareholders and making our customers successful. In 2013, Corporate
Responsibility Magazine recognized Johnson Controls as the #14 company in its
annual "100 Best Corporate Citizens" list. For additional information, please
SOURCE Johnson Controls, Inc.
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