JCI *****
**** ** *** **** * ********** of ******* ******** ***** **** * **** of ******** ** *** ******** ******** ******.
********** ******
***'* **** ******** ************ ** *** 'automative **********' ******, ***** *** *** problems. ****** *** ** ******** *** *** ********** ******** (******).
*** *********
******* ***********, *** ** ***** * 'tax *********' **** ****** ***** ***** domicile ** ****'* ** ** *******, which ******** ******** ******** ** ******** ** profits ********.
Tyco / *** *******
**** **** ~$** ******* ****** ******* (relatively ****) ******* ***** ******* ~$* billion ***** ******* *********** (*.*.,**** ********** ********), ~$* ******* **** ** ***** Integration, *** ~$*.* ******* ******* ***** (including**** ******** ********).
** ***'* ~$** ******* ****** ******* (also ********** ****), ~$** ******* ** that ** **** ******** **********, *** rest **** ***** *** **********. ***** Johnson ******** **** **** ******** ****** integration, ** ** * ******** ******** of **** *******, **** *** **** strengths ***** **** ** ****, *** systems, *************, ***.
**** ********* ************, **** ***** ******** *** ******* / ********* ** *** ******** *********:

'*********'
**** / *** **** ***** *****-******* benefits *** ******** ******* ******* *** companies, ******:
"*** *********** ** *** **** *** Johnson ******** ********* ********* ******* ********* opportunities *** ****-**** ****** ******* *****-*******, complementary ****** *** ******* ********, *** expanded ****** ***** *** *********** **********."
"*** *** ******* ******* ** ******* at *****$*** ********* *********** ********* **** *** ***** three ***** ***** *******. ***** ****** cost ********* *** ******** ** ** achieved ** ********** ************, *********** ************, integrating *** ****** ****** ********"
**** ****** **********. *** **** ********** we *** ** *** ******** (** not) ** **** ** ** *****-**** HVAC / ******** ********** ******* **** video, ****** *******, ****** *******, ***. Building *** ******** ******* *** ********* bought *** ******* **********.
*** ******** ********* *** ********** ******* everything ** * ******** ***-**-***:

** ********, ******, ** ***** ******* all ***** ******** ***-**-*** **** ** challenging *** **** *** *****.
**** ** *** / ****'* ******** of *** ******** *********, ****** *** products:

Exacq ******?
**** *** ** **** ****** ** completed, ***** **** *** **** ** owned ** **** *** ********** *** JCI *** ********** ** ****, ****** even ******* ******** ***** ******* ******** between ***** **** *********** *** ******* security *******.
JCI ******* *** ** ** ****** ***
***'* *** ** ***** ** ** phased *** *** ******** ** ****'* CEO **** *** **** *** *****:
"**. ********** [***] **** ***** ** chairman *** *** *** * **** of ** ****** ***** *** *******. At **** ****, **. ****** [****] will ****** *** *** **. ********** will ****** ********* ***** *** *** year, ***** ***** **. ****** **** become ******** *** ***."
********** *** **** ** *** **** over *** **** *** ***** ************** ** * ***** ******* **** ******** **** * ******* ********** ********** ** explosive ******* **** *** ****, ******* ************ *** *** *******.
"Integrating *** ****** ****** ********"
*** ********** ****** ** ****** ***** proposed *********** ** ********, *** ** 'efficiencies' / **** *********. **** *** and **** **** ******** ** **** mid ** ***** ***** ******** ******. Combining **** *** ******** '*********' ********* will ****** **** **** ***** *** is ****** ** ** * ******* and *********** ******* *** *** **** few ***** ** ** ** ********.
UTC *********?
*******, *** ******* ****** **** ***** not ** * **** ****:
"******** ******* ******* **** **** ***** bidders ***** ******. ****** ************ (***) may **** ******** ** **** *** could ****** ******* **** ***** **** Johnson **** *** ***** *** ****"
*** ***** ******* ******* **** ********* Tyco *********** ** **** ** *** tax ********* ********.
Update *** **** - **** ****
*** ****** ** *****.
Update *** **** - ******** ***
**** ********** ******** ******* ********
Comments (20)
Undisclosed #1
I've been hearing rumors of JCI getting out of the security business for the last several months, so this isn't too shocking.
Both JCI and Tyco are tired old-guard companies, this whole merger is a footnote in the current security industry trends more than anything. In another 5 years this new company will probably merge with some other remnant of a previous era and repeat the cycle again.
Create New Topic
Paul Galburt
This may be a little off-topic, but can anyone explain exactly how the tax inversion that results from moving to Ireland actually provides increased profits from the point of view of US-based owners (major stockholders) of the resulting merged company?
Is there a way the money saved by lower corporate taxes in Ireland can get back into the US without additional taxation, or is this money simply never repatriated?
Create New Topic
Brian Rhodes
I noticed that JCI yields 'Security' strength to Tyco, which is the only sane assessment, but I wonder what that means for JCI's security/access platform P2000?
Create New Topic
Ross Vander Klok
If UTC buys Tyco I will cry. Although if UTC can bring up Tyco instead of Tyco dragging UTC down it would be good. I think anyone who buys Tyco is in for a very rough ride and a rude awakening as to how they have alienated customers over the years.
Create New Topic
John Honovich
Both US Democratic Presidential candidates have criticized this deal because it allows JCI to avoid taxes.
Create New Topic
Undisclosed Manufacturer #3
Would you agree that this merger will create a company that is similar to Seimens in size and offerings. I have always viewed Seimens as a building systems manufacturer that plays around in the security industry.
As an independent, I like the idea of two nationals becoming one, but we are also very heavily invested into Software House and Exacq, so I have my worries too.
Create New Topic
Steve Nauman
I thought the idea that building controls/automation and physical security were beginning to merge (or that it was even a good idea to begin with) had died long ago.
Create New Topic