Johnson Controls Completes Varta Auto Battery Acquisition

MILWAUKEE, Oct. 31, 2002; Johnson Controls today announced that it has completed the acquisition of Varta AG's Automotive Battery Division, a major European automotive battery manufacturer.

Johnson Controls is paying approximately Euro 312.5 million, subject to closing adjustments. The transaction is effective October 31, 2002.

The acquired business has six battery assembly plants in Europe located in Austria, Czech Republic, France, Germany and Spain. Customers include BMW, DaimlerChrysler, Ford, PSA, Volkswagen and other automakers, retailers and wholesalers in Europe.

The Varta Automotive Battery Division consists of VARTA Automotive GmbH and the 80% majority stake in VB Autobatterie GmbH. The 20% stake of Robert Bosch GmbH in VB Autobatterie GmbH continues.