Johnson Controls acquires M&M Carnot to enhance sustainable Industrial Refrigeration portfolio

• Acquisition addresses the growing need for ultra-low global warming potential refrigerant technologies
• Unique CO₂ technology broadens Johnson Controls’ portfolio of sustainable solutions to help customers achieve net zero emissions

CORK, Ireland – June 21, 2023 — Johnson Controls (NYSE: JCI), the global leader for smart, healthy and sustainable buildings, today announced the acquisition of M&M Carnot, a leading provider of natural refrigeration solutions with ultra-low global warming potential (GWP), which can help customers meet their sustainability goals while meeting and exceeding environmental regulations.

“It’s an exciting time in our industry as we continuously seek new opportunities to accelerate the deployment and adoption of safe and sustainable solutions and services,” said Claude Allain, president, Johnson Controls HVAC/R and data centers. “M&M Carnot is well-positioned in its ability to deliver ultra-sustainable industrial refrigeration solutions and will allow us to better serve our growing customer base in this vertical.”

M&M Carnot designs and manufactures industrial refrigeration equipment and controls that use carbon dioxide (CO2), which has a GWP of 1. By contrast, traditional refrigerants can have GWPs in the thousands, magnifying rather than solving the global warming problem.

“We’re excited to join global leader Johnson Controls to accelerate our passion for providing sustainable, natural refrigeration solutions that are safe for people and the planet,” said David Sholtis, CEO, M&M Carnot. “The support and resources of Johnson Controls will allow us to scale the business faster by bringing our innovative, environmentally friendly refrigeration and cooling technologies to a growing market in search of energy efficient, green technology. We believe that together, we’ll bring exciting new opportunities for our customers and employees alike.”

Based in Annapolis, Maryland and in Trois Rivières, Quebec, Canada, M&M Carnot will add to the growing portfolio of Johnson Controls industrial refrigeration equipment operating on ultra-low GWP refrigerant CO₂. M&M Carnot is one of North America’s largest providers of transcritical CO₂ solutions, including heat pumps and tailored solutions for data centers, positioning Johnson Controls to capture growing demand for this technology. Their combined engineering expertise and ultra-low-GWP technologies also will help Johnson Controls advance its commitment to cut customer emissions and support customers on their net zero journey.

Johnson Controls International plc Cautionary Statement Regarding Forward-Looking Statements

Johnson Controls International plc has made statements in this communication regarding the acquisition of M&M Carnot that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" and terms of similar meaning are also generally intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Johnson Controls' control, that could cause the expected impact of the acquisition of M&M Carnot to differ materially from those expressed or implied by such forward-looking statements, include, among others, risks related to the ability to realize the anticipated benefits of the acquisition, including the possibility that expected synergies will not be realized or will not be realized within the expected time frame; delays in the successful integration of M&M Carnot and its technologies; unfavorable reaction to the acquisition by customers, competitors, suppliers and employees, disruption from the transaction making it more difficult to maintain business and operational relationships; significant transaction costs; and unknown liabilities.

Other factors that could cause Johnson Controls' actual results to differ materially from those expressed include, among others risks included in the section entitled "Risk Factors" in Johnson Controls' Annual Report on Form 10-K for the 2022 fiscal year filed with the SEC on November 15, 2022, which is available at www.sec.gov and www.johnsoncontrols.com under the "Investors" tab. The description of certain of these risks is supplemented in Item 1A of Part II of Johnson Controls' subsequently filed Quarterly Reports on Form 10-Q. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements. The forward-looking statements included in this communication are made only as of the date of this document, unless otherwise specified, and, except as required by law, Johnson Controls assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this communication.

About Johnson Controls:

At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.

Building on a proud history of nearly 140 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering.

Today, with a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world’s largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry.

Visit johnsoncontrols.com for more information and follow @JohnsonControls on social platforms.

Visit here to learn more about M&M Carnot.

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