Johnson Controls currently has a 48 percent stake in Detcon Argentina that was secured in December 1997, with the balance of the business being owned by its president and general manager, Alberto Jorge Alvarez. The two parties have entered into a definitive stock purchase agreement and expect to close the transaction early in November.
Alvarez will remain with the company and be appointed as the general manager for the Controls Group in Argentina and Uruguay, as well as the acting general manager in Chile.
"The Detcon acquisition allows Johnson Controls to obtain a consolidated infrastructure in key emerging markets to better serve our global customers," said Brendan J. Dillmann, general manager â€“ South America.
"Alberto and his team have managed the company well and delivered profits consistently, even through some very tough economic times. He is the type of leader we are excited to add to our team," said Dillmann.
"I am excited about the possibilities this transaction provides," said Alvarez. "Johnson Controls is a global leader in the sales, integration, and installation of building automation systems and provider of facilities management. This deal not only allows Johnson Controls to have a wholly-owned presence in Argentina and Uruguay, we now have the ability to build these international branches leveraging the Johnson Controls brand name."
Publication date: 10/10/2005