Johnson Controls
has signed a non-binding letter of intent to acquire
Delphi Corporation’sglobal automotive battery business for approximately $212.5 million.
In addition, the company anticipates receiving a global long-term contract to supply General Motors with original equipment batteries.
The business to be acquired, which has annual consolidated revenues of approximately $600 million, would include
The acquisition enables Johnson Controls to participate in the rapidly-growing Asian automotive battery market, particularly in
The transaction is expected to close this summer, subject to satisfactory completion of due diligence procedures, negotiation and execution of a definitive acquisition agreement, receipt of necessary regulatory approvals, and a supply contract with General Motors.
IEA report claims batteries are ‘changing the game’
It is important in trucks and other commercial vehicles as the payload will be reduced if the battery weight is penal. Battery applications in the...