Johnson Controls to Buy Delphi's Battery Business

Deal will allow company to participate in the fast-growing Asian auto battery market, especially in China.

Published: 23-Mar-2005

CHICAGO (Reuters) - Automotive interiors maker Johnson Controls Inc. (NYSE:JCI - News) on Tuesday said it has agreed to buy Delphi Corp.'s (NYSE:DPH - News) global auto battery business for $212.5 million in a move to participate in the rapidly growing Asian auto battery market.

Johnson Controls, in conjunction with the deal, also expects to receive a global long-term contract to supply General Motors Corp. (NYSE:GM - News) with original-equipment batteries.

The deal, now covered by a nonbinding letter of intent, is subject to adjustments, Johnson Controls said.

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