HVAC Breaking News

June 20, 2005: Johnson Controls To Acquire USI Companies

June 20, 2005
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MILWAUKEE - Johnson Controls Inc. has announced a definitive agreement to acquire USI Companies Inc. (USI), a corporate real estate services firm headquartered in Stamford, Conn.

Johnson Controls will pay approximately $80 million for USI, subject to adjustments. USI's offerings include strategic consulting, portfolio management, acquisition and disposition brokerage, design, and construction services, and information management solutions. Its customer portfolio is comprised of more than 30,000 properties occupying more than 300 million square feet of office, industrial, retail, and technology space, with clients such as Boeing, Computer Sciences Corp., and Toshiba America. The company, which has 260 employees, expects sales of approximately $60 million in 2005.

Johnson Controls is a major facilities management provider, managing more than 1 billion square feet of facility space in 45 countries.

"Increasingly, customers are asking for a single-source supplier for all of their real estate and facility management requirements," said John P. Kennedy, president of the Controls Group of Johnson Controls. "USI's services, technologies, and highly-knowledgeable people complement our existing facilities management offerings. We believe that the customers of both companies will benefit from the broader scope of solutions we will be able to provide. In addition, our combined capabilities create an integrated service offering unmatched in the industry, which will enable us to reach new customers around the world."

"We are very excited to join forces with Johnson Controls to strengthen and grow our business on a global platform," stated Ed McLaughlin, USI chairman and CEO. "The synergies between our two firms will allow us to offer single-source, global end-to-end solutions for real estate and facilities management to meet our clients evolving needs."

Publication date: 06/20/2005

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