"Man Bites Dog"Johnson Controls To Acquire Remaining Interest In Its Building Controls Business In Japan

MILWAUKEE, Jan. 24 Johnson Controls, Inc. today announced it will assume 100% ownership of Yokogawa Johnson Controls Corporation (YJC), a controls systems and services company supplying the non-residential buildings market in Japan. Johnson Controls previously owned 55% of the joint venture, with Yokogawa Electric Corporation owning 45 percent.

YJC will become a fully-owned subsidiary of Johnson Controls, Inc. Yokogawa Electric Corporation will sell all of its shares to Johnson Controls in April 2002. Johnson Controls stated that the transaction is expected to be slightly accretive to its financial results. Additional terms of the agreement were not disclosed.

``We have been pleased with the management and results from the joint venture with Yokogawa Electric Corporation. This agreement supports our strategy to expand globally and strengthens our ability to serve the Japanese market,'' said Brian Stark, president of the Controls Group of Johnson Controls.

Johnson Controls entered the building controls systems and services market in Japan in 1971, and in 1988 Yokogawa Electric Corporation and Johnson Controls created the joint venture. YJC sales in fiscal 2001 were approximately $250 million.

Johnson Controls Inc. is a global market leader in automotive systems and facility management and control. In the automotive market, it is a major supplier of seating and interior systems, and batteries. For nonresidential facilities, Johnson Controls provides building control systems and services, energy management and integrated facility management. Johnson Controls, founded in 1885, has headquarters in Milwaukee, Wis. Its sales for 2001 totaled $18.4 billion. For more information, visit the company's Web site http://www.johnsoncontrols.com <<P>Will This happen In The Auto Arena?