Security

Johnson Controls & Tyco International Merge in Huge Inversion Deal

Johnson Controls Inc, a leading industrial-systems, HVAC and battery maker, announced on Monday it will merge with Tyco International, fire protection and security technology firm – combining the companies' building control businesses and taking on Tyco’s Irish tax address. “We see from day one being able to leverage the combined distributions, the combined customer base that we serve”, said Tyco chief executive George Oliver. “More importantly, leveraging a lot of our innovation will enable us to put all of our capabilities together to be able to capitalise on the trend in smart buildings”. The deal marks the latest attempt by a US company to reduce its tax bill through a so-called inversion, a manoeuvre that allows US corporations to acquire foreign-domiciled companies and shift their legal address to reduce their tax rates. The corporate tax rate in Ireland, where the new JCI will be based, is 12.5%, among the world’s lowest, compared with 35% in […]

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