Johnson Controls to acquire Michel Thierry

Signing the share purchase agreement in Paris, Johnson Controls vice president Dr. Beda Bolzenius said: "The combination of Johnson Controls Automotive Experience and Michel Thierry is a perfect fit. I am convinced that together we create a unique value proposition for our customers and differentiation in the industry." Johnson Controls further said that the strategic acquisition of the French automotive supplier will position the company as one of the global leaders in textiles and in integrated trim, thus creating opportunities for future business growth. According to the company, Johnson Controls' expertise in cut and sew and Michel Thierry's expertise in fabrics meet customers' increasing demand for integrated services – from fabrics to complete seats – on a global scale. The company also anticipates enhanced innovation opportunities and the potential for further quality optimization by covering the entire process chain with early customer involvement. Finally, Johnson said the acquisition puts the company in a position to make better use of growth potential in Chinese and North American markets. Frédéric Chaussat, CEO of Michel Thierry, said: "This operation marks a very significant step in Michel Thierry's history. With the support of its current shareholders, HTP, a privately-held Dutch investment company, and the French automotive fund FMEA, Michel Thierry has continued to strengthen its leading market position in a difficult industry context and will be well-armed to grow further." Michel Thierry's product line includes automotive textiles for seating and for interiors and leather production for seating and interiors. Capabilities include design, development, production, weaving, knitting, lamination, embossing, screen printing, welding and laser punching. 1,700 employees are associated with the business. Johnson Controls has 130,000 employees in 150 countries and as well as making interior systems for cars, provides services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles. Completion of the acquisition, which is subject to customary regulatory approvals, is expected by the end of November 2010.