International.
The American company Johnson Controls and the Irish Tyco International announced their merger to create a large industrial group with an annual turnover of about US $ 32,000 million.
With the operation, according to US media and specialists, Johnson Controls seeks among other things to reduce the tax burden to which it is subjected.
For this, although the American company will have control and name the merged entity, it will be based in the Irish city of Cork, where Tyco International is based.
The move will save businesses at least $150 million in taxes a year, they said in a statement.
The U.S. city of Milwaukee, home until now of Johnson Controls, will meanwhile maintain the main offices of the new company for North America.
Johnson Controls CEO Alex Molinaroli said in a statement that the transaction will allow the company to increase its global investments, develop new solutions for its customers and return money to its investors.
Shareholders of the U.S. company, which has a stock market valuation of about $23 billion, will hold 56 percent of the new group's stakes, while those of Tyco, currently valued at about $13 billion, will get 44 percent.
Johnson Controls stands out for producing automotive components and air conditioning equipment, while Tyco focuses on industrial safety and fire protection.
