JCI Shareholders Approve Merger with Tyco

Johnson Control Inc.’s shareholders have approved by a 97% margin the company’s merger with Tyco International plc, which is based in Cork, Ireland.

The move will create a new company, Johnson Controls plc, with headquarters in Cork. JCI’s current main office in Milwaukee will serve as the new company’s North American headquarters.

JCI said in January the maneuver, which is known as a tax inversion, would save the former JCI about $150 million annually. The companies expect to complete the merger on Sept. 2 and eventually realize annual savings of $500 million. Tyco is a provider of fire protection and security systems.

The new company’s shares will continue to trade under the JCI ticker on the New York Stock Exchange. JCI CEO Alex Molinaroli will serve as chairman and CEO. Tyco CEO George Oliver will be the new company's president for 18 months, then move into the CEO job and take over as chairman a year later.

Separately, JCI expects to spin off its automotive interiors business under the name Adient at the end of October.