Cork's Tyco and US building efficiency specialist Johnson Controls finalise merger

US car battery and building efficiency specialist, Johnson Controls has agreed to merge with Cork-based fire prevention and security products company Tyco International and move its headquarters to Ireland in a tax-saving ‘inversion’ deal.

The transaction will combine the companies’ building-control businesses and move Johnson Controls to Ireland to avail of the lower corporate tax rate.

Johnson shareholders will own about 56% of the combined company and receive aggregate cash consideration of about $3.9bn (€3.6bn), the companies said in a statement yesterday.