Johnson Controls (NYSE: JCI) and EnergyConnect Group, Inc. (ECNG.OB), a provider of smart grid demand response, 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. Financial terms were not disclosed.
The acquisition of EnergyConnect boosts the position of Johnson Controls’ Building Efficiency business as a demand response provider 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.
Operating from 500 branch offices in 148 countries, Johnson Controls
is a leading provider of equipment, controls and services for heating,
ventilating, air-conditioning, refrigeration and security systems.
"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.
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