Johnson Controls to Sell Power Solutions Business, Thus Making It a Pure-Play Building Technologies & Solutions Provider
Johnson Controls International plc, Cork, Ireland, announced a definitive agreement to sell its Power Solutions business to Brookfield Business Partners L.P. together with institutional partners (collectively, "Brookfield") including Caisse de dépôt et placement du Québec in a cash transaction valued at $13.2 billion.
“Today’s announcement marks a significant milestone in the ongoing transformation of the Johnson Controls portfolio,” said Chairman and Chief Executive Officer George Oliver. “The sale of our Power Solutions business will create value for investors by streamlining our portfolio and giving us increased financial flexibility to strengthen our balance sheet, return capital to shareholders and create optionality in our Buildings business. This focused portfolio will allow us to capitalize on secular growth trends and to deliver strong financial performance through improved free cash flow conversion, lower capital intensity and continued margin expansion.”