Johnson Controls to Buy York International - aftermarketNews

Johnson Controls to Buy York International

Johnson Controls Inc. is buying York International Corp., which makes ventilation, air-conditioning and refrigeration equipment, for about $2.4 billion in cash. Milwaukee, WI-based Johnson Controls, which makes auto parts and industrial systems, said Wednesday the deal would nearly double its presence in the growing building environments industry. As part of the deal, Johnson will also assume about $800 million in York's debt.

From The Associated Press

MILWAUKEE, WI — Johnson Controls Inc. is buying York International Corp., which makes ventilation, air-conditioning and refrigeration equipment, for about $2.4 billion in cash.

Milwaukee, WI-based Johnson Controls, which makes auto parts and industrial systems, said Wednesday the deal would nearly double its presence in the growing building environments industry. As part of the deal, Johnson will also assume about $800 million in York’s debt.

Johnson said it has offered $56.50 per share in cash for York, Pa.-based York International, a 35.3 percent premium above York’s closing price of $41.75 Wednesday on the New York Stock Exchange.

“The transaction will enable us to become a single source of integrated products and services that building owners want in order to optimize comfort and energy efficiency,” Johnson Chairman and CEO John M. Barth said.

York received no competing offers for its business, said Helen Marsteller, vice president for investor relations, who added that “the company was not for sale.”

York manufactures and services heating and cooling equipment, and Johnson Controls installs and maintains the technology that controls that equipment.

2005 The Associated Press. All Rights Reserved.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach

Other Posts

Bendix Surpasses Worker Safety Goals

Bendix says its Total Case Improvement Rate improved since 2022.

Bendix Announces Worker Safety Statistics
New Rislone ‘DEF Crystal Clean’ Clears P20EE Codes

The product scrubs away crystal contaminants from the selective catalytic reduction systems of diesel cars, trucks and SUVs.

New Rislone DEF Crystal Clean Diesel DEF & SCR Emissions System Cleaner Announced
SMP Announces New Oil Filter Housing Kits

The kits feature multiple design improvements to prevent leaks, according to SMP.

SMP Announces New Oil Filter Housing Kits
NTK Technologies Announces Merger into Niterra North America

The merger will take effect on April 1, and NTK Technologies will begin operating under Niterra North America Inc.

Niterra Merger