Johnson Controls Invests in Azure Dynamics
A Canadian subsidiary of Johnson Controls Inc., of Glendale, has agreed to buy an equity stake in Azure Dynamics Corp., a Michigan supplier to the hybrid vehicle industry, Azure said in a press release.
Azure said Johnson Controls agreed to buy 21.08 million shares of Azure at a price of 30 cents per share, in Canadian dollars, for gross proceeds of $6.32 million Canadian, or US $6.08 million.
Azure said the investment would give Johnson Controls (NYSE: JCI) a 3.4 percent stake in Azure. Closing is expected around June 15, pending approval of the Toronto Stock Exchange.
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