Johnson Controls to Acquire KEIPER and the Automotive Seat Business of Recaro
Johnson Controls Automotive Experience enhances metal components business
BURSCHEID, Germany, Dec. 30, 2010 /PRNewswire/ — Johnson Controls, a leading global supplier of automotive interior systems and electronics, announced today that it has signed a purchase agreement to acquire KEIPER and the automotive sport and specialty seat business of Recaro. KEIPER is a leader in recliner system technology and is renowned for its engineering and manufacturing expertise in metal components and mechanisms. KEIPER’s headquarters and engineering center are located in Kaiserslautern, Germany. The acquisition will include approximately 4,750 employees globally in seven countries. Excluded from the transaction are KEIPER’s operations, business and entity in Brazil.
“This acquisition further strengthens our metal components and mechanisms business through the addition of the KEIPER and Recaro brands which are synonymous with quality, technical expertise and innovation,” said Beda Bolzenius, Vice President, Johnson Controls and President, Automotive Experience. “It provides leading technologies that we can leverage across our current seat component portfolio, and expand in China and North America.”
KEIPER’s expertise includes the complete engineering process and technologies used to produce metal seat components, structures and mechanisms. The product range encompasses mechanisms which adjust the seat’s length and height, recliners that adjust the backrest position of vehicle seats, and rear seat latches. This acquisition also includes the Recaro automotive sport and specialty seat portfolio.
Automakers source complete seating systems as well as single metals and mechanism automotive seating components. With the acquisition of KEIPER and the automotive seating division of Recaro, Johnson Controls expects to strengthen its competitive position in key seating components with expanded opportunities to develop new differentiating products and technologies. Johnson Controls said that it believes that increasing vertical integration and enhancing its seating components technologies will help accelerate future growth of its automotive seating business.
Martin Putsch, owner and CEO of the KEIPER Recaro Group said: “We are pleased that our team will become part of such a successful organization. Being part of Johnson Controls will provide a unique opportunity for our company to best meet the future challenges of our industry, such as fast-growing globalization and platform standardization.”
Completion of the acquisition, which is subject to the anti-trust approval, is expected during the first half of calendar year 2011. Financial details regarding the transaction were not disclosed.
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About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in over 150 countries. Our 137,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful.
About Johnson Controls Automotive Experience
Johnson Controls is a global leader in automotive seating, overhead systems, door and instrument panels, and interior electronics. We support all major automakers in the differentiation of their vehicles through our products, technologies and advanced manufacturing capabilities. With more than 200 plants worldwide, we are where our customers need us to be. Consumers have enjoyed the comfort and style of our products, from single components to complete interiors. With our global capability we supply more than 30 million cars per year.
SOURCE Johnson Controls