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Johnson Controls, Tyco merge in tax-avoiding inversion deal
Source: USA Today
Johnson Controls, Tyco merge in tax-avoiding inversion deal
Nathan Bomey, USA TODAY 10:07 a.m. EST January 25, 2016
Manufacturing giants Johnson Controls and Tyco International plan to merge in another example of a controversial tax inversion, creating an industrial conglomerate with $32 billion in annual revenue.
The deal marks the latest occurrence of a corporate inversion, in which a U.S.-based company acquires a foreign firm and switches its headquarters to the foreign firm's home to lower its tax bill.
The Milwaukee-based Johnson Controls (JCI) will shift its legal and global headquarters to Tyco's (TYC) Cork, Ireland, base, but will house its primary operational headquarters in Milwaukee.
The combined company hopes to tie together complementary businesses — including heating and air-conditioning systems, fire protection and security technology — as the home-products industry transitions toward a new world defined by smart, connected products known as the "Internet of Things."
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Nathan Bomey, USA TODAY 10:07 a.m. EST January 25, 2016
Manufacturing giants Johnson Controls and Tyco International plan to merge in another example of a controversial tax inversion, creating an industrial conglomerate with $32 billion in annual revenue.
The deal marks the latest occurrence of a corporate inversion, in which a U.S.-based company acquires a foreign firm and switches its headquarters to the foreign firm's home to lower its tax bill.
The Milwaukee-based Johnson Controls (JCI) will shift its legal and global headquarters to Tyco's (TYC) Cork, Ireland, base, but will house its primary operational headquarters in Milwaukee.
The combined company hopes to tie together complementary businesses — including heating and air-conditioning systems, fire protection and security technology — as the home-products industry transitions toward a new world defined by smart, connected products known as the "Internet of Things."
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Read more: http://www.usatoday.com/story/money/2016/01/25/johnson-controls-tyco-international-merger/79289344/