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Johnson Controls Announces Agreement to Acquire EnergyConnect
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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
Efficiency
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/
About EnergyConnect [Home Page] [The
Automator] [About] [Subscribe
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Us]
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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