Funds amass large stakes in Cork-headquartered company Johnson Controls

Johnson Controls produces fire detection, refrigeration, security and HVAC equipment, mainly in commercial buildings

The company, incorporated in Ireland and with main offices in Milwaukee, is led by chief executive George Oliver, who was CEO of Tyco International before it combined with Johnson Controls in 2016.

New York-based hedge fund Soroban Capital Partners has amassed a large stake in the Cork-headquartered industrials firm Johnson Controls International, compounding pressure brought by activist investor Elliott Investment Management.

Soroban has invested more than $500m (€460m) in Johnson Controls, making it one of the company’s top 20 investors. Pressure on Johnson Controls is mounting, with prominent activist investor Elliott building a $1bn-plus (€0.92bn) position in the company, Bloomberg News reported previously.