Newspaper article The Canadian Press

Brookfield and the Caisse Buy Automotive Battery Business from Johnson Controls

Newspaper article The Canadian Press

Brookfield and the Caisse Buy Automotive Battery Business from Johnson Controls

Article excerpt

Brookfield and Caisse buy battery business

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MONTREAL - Brookfield Business Partners LP and the Caisse de depot et placement du Quebec, together with a group of institutional partners, have signed a deal to buy Johnson Controls' power solutions business for US$13.2 billion.

The business produces batteries for automakers and aftermarket distributors and retailers.

The companies say it is well positioned to benefit from the growth in demand for advanced batteries, including those used in electric vehicles.

"We are excited to grow our business with the acquisition of power solutions, a global market leader which generates consistent cash flows and profitability," said Cyrus Madon, chief executive of Brookfield Business Partners.

"We look forward to partnering with the management team to continue growing this world-class business and build on its track record of innovation."

George Oliver, Johnson Controls chairman and chief executive, said the deal was a significant milestone in the ongoing transformation of the company. …

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