MILWAUKEE, Sept. 27, 2013 /PRNewswire/ -- Johnson Controls, Inc. (NYSE: JCI), today announced that it has completed the sale of its HomeLink® business to Gentex Corporation (NASDAQ: GNTX) of Zeeland, Michigan. The HomeLink sale agreement was announced in July 2013 following the company's decision to sell its entire automotive electronics business earlier in the year.
Johnson Controls said it received approximately $700 million for the business, subject to adjustments, which includes all HomeLink assets, intellectual property and testing facilities.
HomeLink is a vehicle-based control system that enables drivers to remotely activate garage door openers, entry door locks, home lighting, security systems, entry gates, and other radio frequency convenience products. The system has been integrated into Gentex automatic-dimming rearview mirrors for more than 10 years.
Johnson Controls also said it was pleased to report that the process to sell the balance of its automotive electronics business is proceeding very well with a high level of continued interest from multiple strategic buyers. Johnson Controls now expects to complete the bidding process by the end of the calendar year.
About Johnson Controls Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 168,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful. In 2013, Corporate Responsibility Magazine recognized Johnson Controls as the #14 company in its annual "100 Best Corporate Citizens" list. For additional information, please visit http://www.johnsoncontrols.com.
SOURCE Johnson Controls, Inc.