MILWAUKEE, Wisconsin, September 30, 2011 /PRNewswire/ --
Johnson Controls, Inc., (NYSE: JCI) and Saft (Euronext: SAFT) have closed on the agreement to end their joint venture, Johnson Controls-Saft, which was formed in 2006 to develop and manufacture Li-ion vehicle batteries. Under the terms of the agreement, Johnson Controls has acquired Saft's share of the company for $145 million in cash. Johnson Controls will also receive an expanded perpetual license to use certain Saft Li-ion technology in all markets.
All assets of the joint venture, including the company's new plant in Holland, Michigan, are retained by Johnson Controls. The joint venture's current facility in Nersac, France will be transferred to Saft at the end of 2012. The parties have also agreed to terminate all legal proceedings between the companies.
Beginning Oct. 1, 2011, Johnson Controls will operate the company under the Johnson Controls name and will fulfil the company's existing contractual agreements and work with customers and suppliers accordingly.
About Johnson Controls:
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. The company's 154,000 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. Johnson Controls' commitment to sustainability dates back to its roots in 1885, with the invention of the first electric room thermostat. Through its growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful. In 2011, Corporate Responsibility Magazine recognized Johnson Controls as the #1 company in its annual "100 Best Corporate Citizens" list. http://www.johnsoncontrols.com
SOURCE Johnson Controls Power Solutions EMEA