Johnson Controls and Tyco complete merger
September 7, 2016
A newly-formed Johnson Controls began operations on September 6, 2016, following the successful completion of its merger with Tyco. With the merger of the provider of building efficiency solutions and the provider of fire and security solutions, the new company is positioned to offer products, technologies and integrated solutions for the buildings and energy sectors.
A release from Johnson Controls stated that Tyco and Johnson Controls’ buildings platforms create immediate opportunities for growth through cross-selling, complementary branch and distribution channel networks, and expanded global reach for established businesses.
Longer term, the company expects to drive innovations in technology and business models to support the smart buildings, campuses and cities of the future, as well as building upon strategic, high value-added services driven by data analytics and connectivity such as the Retail Solutions and Connected Services businesses. Johnson Controls will also serve an expanding global energy storage market.
“We are more than just two businesses that have come together – we are now one team uniquely positioned to create value,” said Alex Molinaroli, Johnson Controls chairman and CEO. “Our combined insights and world class technologies will help build even smarter, more secure and more sustainable environments that help our customers win and broadly move the world forward.”
“In addition to identifying significant synergies and improvements, our integration teams put us in position to complete the merger a month ahead of schedule so we can hit the ground running and realize the value of the merger for customers and shareholders,” said George R. Oliver, Johnson Controls president and chief operating officer. “We are ready to integrate the skill sets and capabilities of both companies and develop solutions to meet our customers’ needs in ways neither company could on its own.”
As previously announced, Johnson Controls’ automotive business is still on schedule to spin off into an independent company, known as Adient, on October 31, 2016.