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Completion of merger to form a giant
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JOHNSON Controls, an intelligent building system provider, completed its merger with Tyco International to form a commercial and industrial building control systems giant.
The US$14 billion merger will create a giant employing 117,000 employees, with annual revenue of US$30 billion forecast for this year.
A source from Johnson Controls, who refused to be named, told Shanghai Daily yesterday the group aims to focus on higher margin business, which is led by its intelligent building system business. The merger would help the US-Irish multinational provide more integrated building system solutions.
Revenue of its intelligent building system business gained 33 percent during its fiscal third quarter (April-June) from a year earlier, while its battery business added 3 percent. Sales at its automotive business, which it plans to spin off in October, fell 19 percent annually.
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