Johnson Controls to buy York

Johnson Controls is to acquire York, the global supplier of heating, ventilating, air-conditioning and refrigeration equipment and services.


York, with estimated sales of nearly $5 billion, will become part of the nearly $6 billion Controls Group of Johnson Controls.



Under a definitive agreement unanimously approved by the Boards of Directors of both companies, Johnson Controls will acquire the company in an all-cash transaction in which York shareholders will receive $56.50 for each outstanding share of York common stock.


The total value of the acquisition is anticipated to be approximately $3.2 billion, including the assumption of approximately $800 million of York debt.


Johnson Controls anticipates the transaction will close in December 2005, subject to customary closing conditions that include regulatory approvals and York shareholder approval.