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.
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