Johnson Controls Completes Acquisition of York International; Elects C. David Myers as Corporate Officer

MILWAUKEE, Dec. 9 /PRNewswire-FirstCall/ -- Johnson Controls, Inc. (JCI) today announced that it has completed its acquisition of York International, a global supplier of heating, ventilating, air-conditioning and refrigeration (HVAC&R) equipment and services.

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The closing followed approval of the acquisition by York shareholders earlier today. Johnson Controls is paying York shareholders $56.50 for each outstanding share of common stock. The total value of the acquisition is approximately $3.2 billion.

York, with estimated annual revenues of nearly $5 billion, will become part of the Johnson Controls building efficiency business, which generated sales of $5.7 billion in 2005. The combined business will serve customers in 125 countries from over 700 locations.

"The complementary capabilities of the two businesses create an offering that will reshape our industry and deliver benefits to our customers and shareholders," said Stephen A. Roell, Johnson Controls vice chairman and executive vice president. "Since the acquisition was announced, a team of employees from both companies has been working together to plan for the quick and effective integration of our organizations. Because of our similar cultures and values we've been able to work productively from the very start, and we are pleased with the progress we have already made."

Mr. Roell continued, "As we have moved through the integration planning process, we have become increasingly confident in our ability to deliver the expected $275 million in cost and growth synergies by 2008 as we outlined in our original announcement in August."

Following the completion of the transaction today, the Johnson Controls Board of Directors elected former York Chief Executive Officer and President C. David Myers as a vice president and corporate officer of Johnson Controls. The company also named Mr. Myers as president of its building efficiency business. He reports to Mr. Roell.

Johnson Controls is a global leader in interior experience, building efficiency and power solutions. The company provides innovative automotive interiors that help make driving more comfortable, safe and enjoyable. For buildings, it offers products and services that optimize energy use and improve comfort and security. Johnson Controls also provides batteries for automobiles and hybrid electric vehicles, along with systems engineering and service expertise. Johnson Controls , founded in 1885, is headquartered in Milwaukee, Wisconsin. For additional information, visit http://www.johnsoncontrols.com/ .

Johnson Controls has made forward-looking statements in this document pertaining to its financial results through fiscal year 2008 that are based on preliminary data and are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future risks and may include words such as "believes," "forecasts," "expects," "outlook" or similar expressions. For those statements, the company cautions that numerous important factors, such as achievement of growth and cost synergies, potential disruption from the York acquisition making it more difficult to maintain relationships with customers, employees or suppliers, the ability to increase prices due to higher raw material costs, the strength of the U.S. or other economies, currency exchange rates, the company's effective tax rate, cancellation of commercial contracts, as well as those factors discussed in the company's Form 8-K (dated October 7, 2005) could affect the company's actual results and could cause its actual consolidated results to differ materially from those expressed in any forward- looking statement made by, or on behalf of, the company.