PRESSEPORTAL Presseportal Logo
All Stories
Subscribe to Adient Ltd. & Co. KG

18.06.2003 – 12:12

Adient Ltd. & Co. KG

Johnson Controls to acquire automotive electronics supplier Borg Instruments AG

Milwaukee, Wisconsin, and Burscheid, Germany (ots)

Controls, Inc. (JCI), a global leader in automotive systems and
facility management and control, today announced that it plans to
acquire Borg Instruments AG, an automotive electronics company.
Borg Instruments, a privately-held company with headquarters in
Remchingen, Germany, had 2002 sales of Euro 55 million associated
with driver information systems and products.
John M. Barth, Johnson Controls president and chief executive
officer, said "This acquisition is consistent with our strategy to
offer our automotive customers world-class technology that will
increase the consumer appeal, quality and value of their vehicles.
For Johnson Controls, Borg Instruments will strengthen our interiors
electronics capabilities as well as our technological presence in
Europe, and will be the base for the development of our high-end
electronic instrument clusters activities. In addition, we anticipate
transferring the Borg technology to the North American and other
Borg Instrument specializes in high-end instrument clusters, 
reconfigurable and other information displays, center stack display
modules, electronic parking assistance and its "turn-by-turn" Quo
Vadis navigation system. Johnson Controls said that the two
companies' electronics capabilities are very complementary.
Based on existing customer orders, Borg Instrument sales are
expected to grow at over 35% a year through 2006. Its major customers
include BMW, DaimlerChrysler, PSA Peugeot Citroen, General
Motors/Opel, Volkswagen Group and Ford/PAG.
The purchase price was not disclosed. Johnson Controls said that
it anticipates the acquisition, which is expected to close during
summer 2003, to be accretive to Johnson Controls earnings in fiscal
2004. The completion of the acquisition is contingent upon receiving
customary regulatory approvals.
Borg Instrument has 400 employees, including 120 research and
development engineers, and two manufacturing plants in Remchingen and
St. Georgen, Germany. The majority owner of the company is Borg
Luxembourg S.A.
The company has made forward-looking statements in this document
that are subject to risks and uncertainties. Forward-looking
statements include information concerning possible or assumed future
risks and may include words such as "believes," "expects,"
"anticipates" or similar expressions.  For those statements, the
company cautions that numerous important factors, including the
completion of the Borg Instrument acquisition, customer orders,
industry vehicle production levels, US dollar exchange rates and
those discussed in the company's Form 8-K (dated November 12, 2002),
could affect the company's actual results and could cause its actual
consolidated results to differ materially from those expressed in any
forward-looking statement made by, or on behalf of, the company.
Johnson Controls, Inc. is a global market leader in automotive
systems and facility management and control. In the automotive
market, it is a leading supplier of seating and interior systems and
batteries. For non-residential facilities, Johnson Controls provides
building control components and systems and facility management
Johnson Controls (New York Stock Exchange: JCI), founded in 1885,
has its headquarters in Milwaukee, Wisconsin. The European
headquarters is in Burscheid, Germany. Its sales for 2002 totaled
20.1 billion US-Dollars, the Automotive Systems Group alone
accounting for 15 billion US-Dollars of this figure. In the current
"Industry Week" business magazine rankings, Johnson Controls has been
listed as one of the top 100 best run companies in the world for the
fifth time in succession.
ots Original Text Service: Johnson Controls GmbH
Further information is available from:
Johnson Controls GmbH
European Headquarters
Astrid Schafmeister
Industriestr. 20-30
51399 Burscheid
Tel.: +49 2174 65-3189
Fax:  +49 2174 65-3219

Original content of: Adient Ltd. & Co. KG, transmitted by news aktuell