Johnson Controls acquires Li-ion automotive battery JV
Under the terms of the agreement, Johnson Controls has acquired Saft’s share of the company for USD 145 million in cash. Johnson Controls will also receive an expanded perpetual license to use certain Saft Li-ion technology in all markets.All assets of the joint venture, including the company’s new plant in Holland, Mich., are retained by Johnson Controls. The joint venture’s current facility in Nersac, France will be transferred to Saft at the end of 2012. The parties have also agreed to terminate all legal proceedings between the companies.Beginning Oct. 1, 2011, Johnson Controls has operated the company under the Johnson Controls name and will fulfill the company’s existing contractual agreements and work with customers and suppliers accordingly.