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Article: Johnson Controls Completes Acquisition of Borg Instruments AG.
- Article from:
- PR Newswire
- Article date:
- July 23, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Johnson Controls, Inc. today announced that it has completed its acquisition of Borg Instruments AG, an automotive electronics company.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030423/JCILOGO )
Borg Instruments, a privately-held company with headquarters in Remchingen, Germany, had 2002 sales of Euro 55 million associated with driver information systems and products. Sales are expected to grow at over 35% a year through 2006.
Johnson Controls said it paid cash of approximately Euro 117.5 million and expects the transaction to be accretive to Johnson Controls earnings in fiscal 2004. It is using short-term borrowings to finance the ...