What is happening?
Following a thorough strategic review process, the decision was made to move forward with the sale of the Power Solutions business.
Why is Power Solutions being sold to Brookfield?
The battery market is strong and growing. Johnson Controls feels confident this partnership will help drive the investments needed to enable growth for Power Solutions to continue to provide the best solutions for customers and maintain and grow its leadership position.
Who is Brookfield?
Brookfield is a leading private equity business focused on acquiring and operating high-quality businesses. They invest globally and partner closely with management teams to enable business success over the long term, targeting both market leaders and businesses poised for growth through operational and other improvements. They have assets under management of more than $44B with approximately 32,000 operating employees and over 75 investment professionals.
Brookfield is committed to best-in-class corporate social responsibility practices, mindful of the important role they play in fostering long-term value creation.
Why was selling the selected outcome from the strategic review?
Over the last eight months, a thorough strategic review process was conducted to consider several options focused on identifying the best outcome for the future of Power Solutions. The Johnson Controls leadership team, as well as the Board of Directors, believes selling the business will provide the best future opportunity for our employees, customers and shareholders.
When are we moving forward with the separation process?
The separation process will begin immediately; however, we expect the separation will take some time – we are targeting June 30, 2019 to finalize the sale.
When will the sale transaction be finalized?
We expect the separation will take several months – we are targeting June 30, 2019 to finalize the sale.