Johnson Controls Inc. (Milwaukee, WI) and VARTA AG (Hannover, Germany) announced an agreement to acquire Varta’s Automotive Battery division, a major European automotive battery manufacturer. Johnson Controls will pay Euro 312.5 million for Varta’s automotive battery business. The transaction is targeted to close near the end of 2002.
Keith Wandell, president of the Johnson Controls battery business, commented, "Varta's scale and commitment to technology improvement will enable us to effectively serve the increasing needs of vehicle manufacturers in Europe, and will position us to serve the global requirements of vehicle manufacturers. In the aftermarket, the well-known Varta brand will help us support our growing after-market customers."
