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Johnson Controls to Acquire USI Companies Inc.
Best-in-class companies to provide full-service,
single-source real estate portfolio solutions
MILWAUKEE (May 31, 2005) – Johnson Controls, Inc., the global leader in
facilities management and control, today announced a definitive agreement to
acquire USI Companies Inc. (USI), the nation’s fastest growing corporate real
estate services firm. USI has its headquarters in Stamford, Conn.
Johnson Controls will pay approximately $80 million for USI, subject to
adjustments. USI\'s offerings include strategic consulting, portfolio
management, acquisition and disposition brokerage, design and construction
services, and information management solutions. Its customer portfolio is
comprised of more than 30,000 properties occupying more than 300 million square
feet of office, industrial, retail and technology space, with clients such as
Adecco, Boeing, Computer Sciences Corporation and Toshiba America. The company,
which has 260 employees, expects sales of approximately $60 million in 2005.
Johnson Controls is the world’s largest facilities management provider, managing
more than 1 billion square feet of facility space in 45 countries. The company
provides on-site staffing and innovative technologies to manage and operate a
customer’s property portfolio with guaranteed cost reductions and service
improvements. Combining the capabilities of the two companies will provide
clients with an expanded, integrated mix of global corporate real estate
services, enabling Johnson Controls to further align new and existing customers’
real estate assets with their business objectives.
“Increasingly, customers are asking for a single-source supplier for all of
their real estate and facility management requirements,” said John P. Kennedy,
president of the Controls Group of Johnson Controls. “USI’s services,
technologies and highly knowledgeable people complement our existing facilities
management offerings. We believe that the customers of both companies will
benefit from the broader scope of solutions we will be able to provide. In
addition, our combined capabilities create an integrated service offering
unmatched in the industry, which will enable us to reach new customers around
the world.”
“We are very excited to join forces with Johnson Controls to strengthen and grow
our business on a global platform,” states Ed McLaughlin, USI chairman and CEO.
“The synergies between our two firms will allow us to offer single-source,
global end-to-end solutions for real estate and facilities management to meet
our clients evolving needs.”
The agreement is subject to customary closing conditions and regulatory
approval. The transaction is expected to close by the end of June 2005.
For more information on USI, visit www.usirealestate.com.
About Johnson Controls
Johnson Controls, Inc., is a global market leader in automotive
systems and facility management and control. In the automotive market, it is a
major supplier of seating and interior systems and batteries. For
non-residential facilities, Johnson Controls provides building control systems
and services, energy and integrated facility management, and integrated security
solutions. Johnson Controls (NYSE: JCI), founded in 1885, has headquarters in
Milwaukee, Wisconsin. For more information on Johnson Controls, Inc. visit
www.johnsoncontrols.com
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