A newly formed Johnson Controls begins operations following the successful completion of its merger with Tyco, marking a turning point for both companies.
The merger unites Johnson Controls, provider of building efficiency solutions with Tyco, provider of fire and security solutions.
With $30 billion in revenue and 117,000 employees (following the anticipated spinoff of the Adient automotive business in October), this combination brings together product, technology and service capabilities across controls, fire, security, HVAC and energy storage, to serve the full spectrum of end markets including large institutions, government, commercial buildings, retail, industrial, small business and residential.
Tyco and Johnson Controls' buildings platforms create immediate opportunities for growth through cross-selling, complementary branch and distribution channel networks, and expanded global reach for established businesses.
"We are more than just two businesses that have come together – we are now one team uniquely positioned to create value," said Alex Molinaroli, Johnson Controls chairman and CEO. "Our combined insights and world class technologies will help build even smarter, more secure and more sustainable environments that help our customers win and broadly move the world forward."
The company is on track to realize $1 billion of savings related to previously announced merger synergies and productivity initiatives.
As previously announced, Johnson Controls' automotive business is still on schedule to spin off into an independent company, known as Adient, on Oct. 31, 2016.