Johnson Controls, Inc., (NYSE: JCI) and Saft (Euronext: SAFT) have closed on the agreement to end their joint venture, Johnson Controls-Saft, which was formed in 2006 to develop and manufacture Li-ion vehicle batteries. Under the terms of the agreement, Johnson Controls has acquired Saft's share of the company for $145 million in cash. Johnson Controls will also receive an expanded perpetual license to use certain Saft Li-ion technology in all markets.
All assets of the joint venture, including the company's new plant in Holland, Mich., are retained by Johnson Controls. The joint venture's current facility in Nersac, France will be transferred to Saft at the end of 2012. The parties have also agreed to terminate all legal proceedings between the companies.
Beginning Oct. 1, 2011, Johnson Controls will operate the company under the Johnson Controls name and will fulfill the company's existing contractual agreements and work with customers and suppliers accordingly.
