Grupo Imsa Exits Automotive Battery Business

August 11, 2004 by Jeff Shepard

Grupo Imsa SA de CV (Monterrey, Mexico) and Johnson Controls Inc. (Milwaukee, WI), a leader in automotive systems and facility management and control, announced the closing of the agreement whereby Grupo Imsa exits the automotive battery business and Johnson Controls, its JV partner since 1998, assumes 100% ownership.

The transaction was announced on July 19, 2004, and was finalized on the agreed terms after receiving the approval of the regulatory authorities. The primary use of the proceeds obtained from the transaction will be used to pay debt.