Johnson Controls, which manufactures a variety of control valve and actuator combinations, has completed its merger with Tyco, which manufactures valves for numerous fire safety applications, expanding the industrial company’s breadth in a corporate inversion deal that has been valued at more than USD 14 billion. Corporate inversions have become more popular with US companies as a way to reduce their taxes. Johnson Controls said it is on track to realize USD 1 billion in savings following the merger.
The deal, announced in January, gives shareholders of Milwaukee-based Johnson Controls Inc. a 56 per cent stake in the new company, which is called Johnson Controls. The new global headquarters will be in Cork, Ireland, where Tyco is based.