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US: Shareholders approve Johnson Controls-Tyco merger

By  |  August 18, 2016
US: Shareholders approve Johnson Controls-Tyco merger

Tyco, a global fire safety and security company that owns Scott Safety, is set to merge with Milwaukee-based Johnson Controls after shareholders of both companies approved the merger Aug. 17. They announced the merger will be completed Sept. 2 and have said they’ll achieve $1 billion in savings from merger synergies and productivity initiatives. Tyco is based in Cork, Ireland.

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    The combined company will have $30 billion in annual revenue. “I am pleased our shareholders have voted in favor of this powerful strategic combination, which will unite two world-class companies with complementary capabilities,” said Alex Molinaroli, the chairman and CEO of Johnson Controls who will have both of those titles initially at the combined company. “I am excited and enthusiastic as we create the world leader in buildings and energy systems with a strong leadership team and dedicated employees around the world ready to deliver on the promise of smarter cities and communities.”

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