Johnson Controls International plc's Power Solutions business is officially an independent entity.
The former Power Solutions, which was sold to Canadian firm Brookfield Business Partners LP in a $13.2 billion transaction that closed Tuesday, will use the name Clarios. Free from Johnson Controls, Clarios will boast a leading position in vehicle battery technologies, with $8 billion in revenues and more than 16,000 employees.
Clarios will also remain based at Johnson Controls' Glendale headquarters, where the Power Solutions business had its headquarters. Clarios employs about 500 people in the Milwaukee area.
Joe Walicki, who ran the Power Solutions division, will be Clarios' president.
"At Clarios our vision is to power progress by creating the world's smartest energy storage solutions that benefit people, business, and the planet," Walicki said. "As a global leader with a product used in virtually every vehicle from conventional to fully electric, we are well positioned to capitalize on market trends, including a move toward more electrified and autonomous vehicles which are elevating the critical role of the battery and accelerating the need for more advanced batteries. Under Brookfield's ownership, we can better capitalize on these growing trends and operate with more focus and efficiency."
Johnson Controls chairman and CEO George Oliver said the company closed the sale 60 days ahead of schedule, in order to "accelerate the return of capital to our shareholders."
as reported on bizjournals.com