With a vision to create a safe, comfortable, and sustainable world, Johnson Controls has successfully completed its merger with Tyco, marking a turning point for both companies. By uniting Johnson Controls’ building efficiency solutions with Tyco’s fire and security solutions, the new company is now positioned to provide products, technologies, and integrated solutions for the buildings and energy sectors.
“We are more than just two businesses that have come together – we are now one team uniquely positioned to create value,” said Alex Molinaroli, Johnson Controls chairman and CEO. “Our combined insights and world class technologies will help build even smarter, more secure and more sustainable environments that help our customers win and broadly move the world forward.”
With $30 billion in revenue and 117,000 employees, the merger brings together best-in-class product, technology and service capabilities across controls, fire, security, HVAC, and energy storage, to serve the full spectrum of end markets including large institutions, government, commercial buildings, retail, industrial, small business and residential. Tyco and Johnson Controls’ buildings platforms create immediate opportunities for growth through cross-selling, complementary branch and distribution channel networks, and expanded global reach for established businesses.
Longer term, the company is positioned to drive new innovations in technology and business models to support the smart buildings, campuses and cities of the future as well as building upon strategic, high value-added services driven by data analytics and connectivity like the Retail Solutions and Connected Services businesses. Johnson Controls also will have one of the largest energy storage platforms with capabilities spanning the technology spectrum to serve an expanding global energy storage market.
As a result of the robust integration planning already in place, the company is on track to realize $1 billion of savings related to previously announced merger synergies and productivity initiatives.
”In addition to identifying significant synergies and improvements, our integration teams put us in position to complete the merger a month ahead of schedule so we can hit the ground running and realize the value of the merger for customers and shareholders,” said George R. Oliver, Johnson Controls president and chief operating officer. “We are ready to integrate the skill sets and capabilities of both companies and develop solutions to meet our customers’ needs in ways neither company could on its own.”
Johnson Controls’ automotive business is still on schedule to spin off into an independent company, known as Adient, on October 31, 2016.