Johnson Controls, Inc. Invests in Donnelly Corporation
7 November 2000
Johnson Controls, Inc. Invests in Donnelly CorporationHOLLAND, Mich., Nov. 7 Johnson Controls, Inc. has purchased 1,542,100 shares of Donnelly Corporation's Class A common stock from Heartland Advisors Inc. in Milwaukee, Wisconsin, Donnelly announced today. This purchase will result in JCI holding 15.1 percent of total outstanding common shares in Donnelly Corporation. Heartland Advisors has been an investor in Donnelly Corporation for a number of years. This recent sale of Donnelly stock to JCI represents a move by Heartland based upon its changing circumstances. Dwane Baumgardner, Donnelly's chairman and chief executive officer, stated: "We have always appreciated Heartland's interest in Donnelly. We are also very excited to welcome Johnson Controls as a new investor in Donnelly. Their interest in making this investment is a clear indication that Donnelly's market position and business prospects are seen as positive. Both Donnelly and JCI share many common interests in the automotive industry and there are many opportunities that can help accelerate the creation of value for both companies."