Johnson Controls and Tyco merge
Johnson Controls and Tyco have announced that both companies are to merge and that the new organisation will be renamed Johnson Controls PLC.
Milwaukee-based Johnson Controls' shareholders will own around 56% of the companies' combined equity, with Tyco's owning 44%.
The merger will bring together a range of access control, fire, security, HVAC and power products.
Johnson Controls' CEO Alex Molinaroli will be chairman and CEO for the first 18 months and Tyco's CEO George Oliver will be president and COO. After this period Molinaroli will become executive chair and Oliver CEO.
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