Johnson Controls Moves to Dissolve Advanced Battery Joint Venture With SaftBy Johnson Controls Power Solutions Emea, PRNE
Tuesday, May 17, 2011
The Company Takes Action to Strengthen its Commitment to Advanced Batteries
MILWAUKEE, May 18, 2011 - Johnson Controls, Inc., (NYSE: JCI) today filed a lawsuit in the Delaware
Chancery Court to dissolve the Johnson Controls-Saft joint venture. The joint
venture was formed in 2006 to develop and manufacture lithium-ion motive
"Johnson Controls and Saft have a fundamental disagreement about the
future direction and appropriate scope of the joint venture," said Alex
Molinaroli, president, Johnson Controls Power Solutions. "The industry is
evolving rapidly and the investments needed to achieve market leadership
require us to do more than the joint venture has done or can do."
Johnson Controls believes that as vehicle power train technologies
continue to evolve and new markets emerge for advanced batteries, the company
must have access to multiple alternative technologies and be able to flexibly
participate more broadly across the energy storage space.
"This action reaffirms our strategic commitment to the advanced battery
industry," said Molinaroli.
Today's filing does not affect Johnson Controls-Saft's current contracts,
production orders or program launches.
"We are confident we will continue to provide our customers with quality
products that meet and exceed their needs. Our commitment to our customers
and this market is not changed. All of this activity reflects our long-term
commitment to be a leader in the advanced battery space," said Molinaroli.
About Johnson Controls:
Johnson Controls is a global diversified technology and industrial leader
serving customers in more than 150 countries. Our 142,000 employees create
quality products, services and solutions to optimize energy and operational
efficiencies of buildings, automotive batteries and interior systems for
automobiles. Our commitment to sustainability dates back to our roots in
1885, with the invention of the first electric room thermostat. Through our
growth strategies and by increasing market share we are committed to
delivering value to shareholders and making our customers successful. In
2011, Corporate Responsibility Magazine recognized Johnson Controls as the #1
company in its annual "100 Best Corporate Citizens" list. For additional
information, please visit www.johnsoncontrols.com.
About Johnson Controls Power Solutions:
Johnson Controls Power Solutions is the global leader in lead-acid
starter batteries and advanced lead-acid batteries for Start-Stop vehicles.
Our 35 manufacturing facilities supply more than one third of the world's
lead-acid batteries to major auto makers and aftermarket retailers. Through
our innovations we are building the advanced battery industry for hybrid and
electric vehicles. Our commitment to sustainability is evidenced by our
world-class technology, manufacturing and recycling capabilities.
CONTACT: Rebecca Fitzgerald +1(414)524-2945 Rebecca.K.Fitzgerald@jci.com
Tags: Delaware, Johnson Controls Power Solutions Emea, May 18, Milwaukee, wisconsin