Johnson Controls Receives Approval From Anti-Trust Authorities to Acquire Keiper and Recaro Automotive
Acquisition Further Enhances Johnson Controls’ Metal Components Product Portfolio
BURSCHEID, Germany, June 20, 2011 /PRNewswire/ — Johnson Controls (NYSE: JCI), a global leader in automotive seating, interiors and electronics, completed the previously announced acquisition of Keiper and Recaro Automotive. The European Commission in Brussels, Belgium approved the acquisition on June 17, 2011.
Keiper is a leader in recliner system technology and is renowned for its engineering and manufacturing expertise in metals and mechanisms for automobile seats. The company also produces complete seats for commercial trucks. Recaro Automotive offers complete seats for automakers and as aftermarket equipment. As part of the transaction, Johnson Controls also acquires the licensing rights for the exclusive global use of the Recaro trademark for the automotive industry. The acquisition includes 4,750 employees at 13 locations across seven countries.
“The acquisition of Keiper and Recaro Automotive provides Johnson Controls a comprehensive product range in seating components,” said Beda Bolzenius, vice president, Johnson Controls and president, Automotive Experience. “This further complements the acquisition of C. Rob. Hammerstein earlier this year and our existing metals business.”
Through the integration of Keiper, Recaro Automotive and C. Rob Hammerstein, Johnson Controls is able to offer automakers a complete product range of metal components and mechanisms across all vehicle segments. This positions Johnson Controls as a global leader in seating components.
Recaro Aircraft Seating, Recaro Child Safety and Recaro Home are not part of the acquisition and will remain part of Putsch Holding in Kaiserslautern, Germany. Also excluded are Keiper’s operations, business and entity in Brazil. Financial terms of the transaction were not disclosed.
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 142,000 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. In 2011, Corporate Responsibility Magazine recognized Johnson Controls as the #1 company in its annual “100 Best Corporate Citizens” list. For additional information, please visit http://www.johnsoncontrols.com.
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 200 locations 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