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Johnson Controls Announces Agreement to Acquire EnergyConnect
Acquisition of Leading Provider of Smart
Grid Demand Response Services and Technologies Will Enhance Johnson
Controls’ Building Management Offerings
MILWAUKEE, Wis., March 3, 2011 -- Johnson Controls (NYSE: JCI), the global leader in delivering products, services and solutions that increase energy efficiency in buildings, and EnergyConnect Group, Inc. (OTCBB: ECNG), a leading provider of smart grid demand response services and technologies, today announced the signing of a merger agreement under which Johnson Controls would acquire the outstanding shares of EnergyConnect. The transaction, which is subject to customary closing conditions, is expected to be completed by July.
The acquisition of EnergyConnect would position Johnson Controls’ Building Efficiency business as a demand response leader in the large commercial, industrial and institutional markets. EnergyConnect’s demand response technology and service platform provides energy managers and facility operators real-time energy information and access to energy markets, enabling them to control their energy spend. The combination of energy efficiency, smart building technologies and demand response services creates an additional platform for growth in a rapidly growing segment of the energy market.
“As our customers continue to demand more sophisticated capabilities to manage their energy costs, integrating demand response services with energy efficiency makes EnergyConnect and Johnson Controls Building Efficiency a natural fit,” said C. David Myers, vice president, Johnson Controls and president, Building Efficiency. “Coupling EnergyConnect’s expertise in demand response with Johnson Controls strength in smart building technologies would enable us to expand our offerings and help our customers better manage their overall energy spend.”
“We are excited about the prospects of joining forces with Johnson Controls,” said Kevin Evans, president and Chief Executive Officer of EnergyConnect. “In addition to the natural synergies in our businesses, the Johnson Controls’ global footprint and distribution channels would enable us to accelerate the transformation of electricity use in response to market prices while enhancing the efficiency and reliability of the grid.”
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in over 150 countries. Our 142,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful.
About Johnson Controls Building
Johnson Controls delivers products, services and solutions that increase energy efficiency and lower operating costs in buildings for more than one million customers. Operating from 500 branch offices in 148 countries, we are a leading provider of equipment, controls and services for heating, ventilating, air-conditioning, refrigeration and security systems. We have been involved in more than 500 renewable energy projects including solar, wind and geothermal technologies. Our solutions have reduced carbon dioxide emissions by 13.6 million metric tons and generated savings of $7.5 billion since 2000. Many of the world's largest companies rely on us to manage 1.5 billion square feet of their commercial real estate. Visit http://www.johnsoncontrols.com/
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EnergyConnect delivers industry leading Demand Response technologies and services to commercial, institutional and industrial consumers enabling them to manage their use of electricity in response to market prices or regional power shortages. EnergyConnect’s GridConnect technology platform provides a scalable, cost-effective, clean technology to enhance the grid’s efficiency and reliability. For more information about this leading edge technology or about investor relations, visit http://www.energyconnectinc.com.
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