Automobile battery and interior component manufacturer Johnson Controls has acquired over 1.5 million shares, a 15% equity stake, in automotive glass business Donnelly Corporation.
The cost of the de…
Automobile battery and interior component manufacturer Johnson Controls has acquired over 1.5 million shares, a 15% equity stake, in automotive glass business Donnelly Corporation. The cost of the deal, based on closing prices at the New York Stock Exchange, is estimated at around US$ 18.4 million. Though the purchase gives Johnson Controls a 15% equity stake, because Donnelly has two classes of shares, Johnson Controls will have only about 3% of votes in matters that come before stockholders. Another class of stock has more votes per share than that sold to Johnson Controls. Dwane Baumgardner, Donnelly chairman and CEO, described Johnson Controls“ investment as “a clear indication that Donnelly“s market position and business prospects are seen as positive.”