Johnson Controls Acquires Gylling Optima Batteries

August 29, 2000 by Jeff Shepard

Johnson Controls Inc. (Milwaukee, WI) stated that it is buying Gylling Optima Batteries AG (Danderyd, Sweden) for about $62.0 million in a deal that will add slightly to company earnings of $35.0 million in 1999 revenues. All shareholders of the company will get about $2.14 per share. The deal has already been accepted by the Gylling family, which owns 70 percent of the share capital and 83 percent of the voting stock. Johnson Controls does not currently own or control any shares in Gylling Optima. Gylling Optima's board has recommended that all shareholders accept the offer. The two companies said the acquisition, subject to normal governmental approvals and other conditions, should close by November 30, 2000.