MILWAUKEE — Johnson Controls announced today plans to sell its engine electronics business to Valeo. The business was a part of the Sagem automotive electronics business Johnson Controls acquired in 2001 to expand and strengthen its electronic capabilities for automotive interiors.
Valeo, based in Paris, France, will pay approximately $432 million for the business, which manufactures engine management systems, engine control units, electric motor drives and engine components, including injectors, ignition and emission control components and sensors. The business generated fiscal 2004 revenues of approximately $458 million, excluding intra-company sales.
The business has its headquarters and an R&D center in Pontoise, France, and operates plants in Sainte Florine and Sable sur Sarthe, France.
The sale is expected to be completed during the first quarter of calendar 2005 and is subject to regulatory approvals.
For more information about Johnson Controls, go to: www.johnsoncontrols.com.
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