Breaking news from JSOnline says Johnson Controls is about to merge with Ireland’s Tyco International. Tyco is a fire protection and security company. Although the article says that local miscreant and current CEO of Johnson Controls, Alex Molinaroli, will run the new combined company, will JCI’s legal headquarters end up in Ireland for tax purposes? Will they be the largest example of the Wisconsin business loss trend that Governor Walker’s ‘Open for Business’ policy has become?
Wisconsin’s largest public company, Johnson Controls Inc., is in advanced talks to merge with Ireland-based fire protection and security company Tyco International, according to a report Sunday by the Wall Street Journal.
Citing people familiar with the talks, the business publication said a deal could be announced as soon as Monday.
Financial terms of the potential transaction aren’t known.
Alex Molinaroli, chief executive of Johnson Controls, would be expected to run the combined company, the newspaper reported.
Update 1/15/2016 6:18 PM Some of you are getting a bit carried away. I never suggested that JCI would move their manufacturing jobs and overall operations out of Milwaukee. The gist of the post was that JCI would use Ireland as their legal corporate HQ and do a ‘tax inversion’ to avoid taxes. And I got ragged on over on Facebook for wild speculation last night…when the actual announcement actually bore out my supposition. Go figure