Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Johnson Controls completed its merger with Tyco, expanding the industrial company's breadth in a corporate inversion deal that has been valued at more than $14 billion.
The deal, announced in January, gives shareholders of Milwaukee-based Johnson Controls Inc. a 56 percent stake in the new company, which is called Johnson Controls. The new global headquarters will be in Cork, Ireland where Tyco is based.
Corporate inversions have become more popular with U.S. companies as a way to reduce their taxes. Johnson Controls said it is on track to realize $1 billion in savings following the merger. Critics say inversions are an unfair tax dodge.
The company said the merger will speed innovation in fast-growing smart technology now being enabled in devices, sensors, data analytics and controls.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
