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News Release
CONTACT:
Monica Levy
414-524-2695
Monica.J.Levy@jci.com
FOR IMMEDIATE RELEASE
Johnson Controls to Acquire York for $56.50 PER SHARE
· $3.2 Billion Transaction To Nearly Double Johnson Controls Position in the Global Building Environments Industry
· Will Create the Largest Global Provider to the High-Margin Building Services Market
· To Provide Customers with a Single Source of Integrated Products, Systems and Services
· Over $275 Million in Synergies Expected
· Anticipated to Be Modestly Accretive in First Year
MILWAUKEE, WISCONSIN, and YORK, PENNSYLVANIA, August 24, 2005…Johnson Controls, Inc. (NYSE: JCI) and York International Corporation (NYSE: YRK) announced today that Johnson Controls will acquire York, a global supplier of heating, ventilating, air-conditioning and refrigeration (HVAC&R) equipment and services.
York, with estimated sales of nearly $5 billion, will become part of the nearly $6 billion Controls Group of Johnson Controls. The combination of the Controls Group and York is expected to increase Johnson Controls rate of growth in the $200 billion industry for global building environments. Johnson Controls fiscal 2005 consolidated sales from continuing operations, including its automotive seating/interiors and battery businesses, are forecast at nearly $28 billion.
Under the definitive agreement unanimously approved by the Boards of Directors of both companies, Johnson Controls will acquire York in an all-cash transaction in which York shareholders will receive $56.50 for each outstanding share of York common stock. The total value of the acquisition is anticipated to be approximately $3.2 billion, including the assumption of approximately $800 million of York debt. Johnson Controls expects to finance the transaction with short and long-term borrowings.
The transaction is expected to be modestly accretive to Johnson Controls earnings per share in fiscal 2006. Over $275 million of annual synergies, primarily related to cost efficiencies and a lower effective tax rate, are anticipated to be achieved by 2008.
The combination of York, a leader in the manufacturing and service of heating and cooling equipment, with Johnson Controls, an industry leader in the technologies which control that equipment, is a natural and strategic growth opportunity.
As a result of the combination, Johnson Controls will:
- Design and sell integrated controls and HVAC&R equipment;
- Become the largest global provider to the high-margin building services market; and
- Capitalize on significant opportunities to supply products and services to each other’s