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| July 29, 2010: Johnson Controls officials announced on Friday, July 23, 2010, that the company has signed an agreement to acquire 90 percent of its existing joint venture with Delkor Corporation, a leading automotive battery manufacturer based in Seoul, South Korea. The remaining 10 percent will be acquired by the local management team, with all transactions completed no later than Aug. 15, 2010. As Delkor integrates into Johnson Controls, the local management team, led by Delkor President H.S. Kwon, will remain in place and will continue to run the day-to-day business, Johnson officials said. Johnson Controls will invest about $90 million in the acquisition. The company is also investing an additional $40 million to add 2.7 million units in capacity, increasing Delkor's total capacity to approximately 10 million batteries per year. The Delkor joint venture was part of Johnson Controls' acquisition of Delphi's global automotive battery business in 2005. |
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