MILWAUKEE _ The sale of Johnson Controls to Tyco International plc was completed over the weekend, and the company's shares began trading Tuesday as Johnson Controls International plc.
The deal creates an Ireland-based company that will be run from Milwaukee and have $30 billion in annual sales, excluding the automotive seating business that will be spun off late next month.
As part of the deal, which was completed at 11:59 p.m. Friday, Johnson Controls shareholders received 0.84 shares of the new company as well as $5.73 in cash for each share in Johnson Controls, according to a filing with securities regulators.
A small number of Johnson Controls shareholders who elected to receive cash were paid $34.88 for each share.
Johnson Controls shares stopped trading on Friday. The new company's shares use the JCI ticker symbol.
Tyco paid nearly $3.9 billion to Johnson Controls shareholders to finance the payments agreed to as part of the transaction.
In a statement Tuesday, the combined company said it's on track to realize $1 billion in savings related to both "merger synergies and productivity initiatives."
The company had already said that savings from combining the two companies would be much greater than the annual tax savings of $150 million it expected to gain making Ireland its corporate headquarters.
Tyco had been based in Ireland and run from Princeton, N.J.
The new company combines the heating and cooling equipment business of Johnson Controls with the fire and security protection products made by Tyco. Taking advantage of Tyco's strength in data analytics and connectivity will help give the company an ability "to drive new innovations in technology and business models to support the smart buildings, campuses and cities of the future."
In a statement, Johnson Controls Chairman and Chief Executive Alex Molinaroli said, "We are more than just two businesses that have come together _ we are now one team uniquely positioned to create value."
George Oliver, who was Tyco's chairman and became Johnson Controls president and chief operating officer late Friday night when the deal closed.
"We are ready to integrate the skill sets and capabilities of both companies and develop solutions to meet our customers' needs in ways neither company could on its own," Oliver said in a statement.
The combined company has 117,000 employees, excluding the Adient automotive seating business that will be spun off. Adient will be run from downtown Milwaukee and also incorporated in Ireland.
