Deals
Johnson Controls Caps Revamp With $13.2 Billion Brookfield Deal
- Company sells car-battery unit in pivot to building systems
- CEO says he plans to return cash to shareholders, repay debt
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Johnson Controls International Plc’s $13.2 billion sale of its car-battery business completes the company’s dramatic makeover from an automotive supplier to a provider of systems for homes and buildings, setting the stage for growth through acquisitions.
Chief Executive Officer George Oliver is betting on continued growth of “smart buildings” as companies seek to boost efficiency of working spaces with new technology. With the sale of the power unit to Brookfield Asset Management Inc., Johnson Controls becomes a “pure-play” provider of fire, security, climate control, and building-management systems.