Johnson Controls Acquires York International for $3.2 billion
Excerpt from the InvestorGuide.com Stock of the Day on 8/25/2005

Milwaukee, Wisconsin-based Johnson Controls Inc., one of the world's largest car parts suppliers with over 300 manufacturing plants, agreed to buy York International Corp., producer of ventilation, air-conditioning and refrigeration equipment, in an attempt to expand its building-related business and to reduce its reliance on carmakers that are cutting production. Under the agreement, Johnson will pay $2.4 billion in an all-cash transaction, or $56.50 a share to York, and the price represents a 35 percent premium to York's closing price of $41.75 on Wednesday. Johnson will also take on $800 million of York debt, bringing the total value of the deal to $3.2 billion. More >