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BRIEF-Johnson Controls to sell Scott Safety business to 3M
March 16, 2017 / 1:36 PM / 9 months ago

BRIEF-Johnson Controls to sell Scott Safety business to 3M

March 16 (Reuters) - Johnson Controls International Plc :

* Johnson Controls to sell Scott Safety business to 3M for $2 billion

* Johnson Controls International - plans to offset dilution from transaction, including increasing its share repurchase program during remainder of FY 2017

* Johnson Controls International - net cash proceeds from transaction to be used to repay portion of Tyco International Sarl’s $4.0 billion of merger related debt

* Johnson Controls International Plc - centerview partners acted as Johnson Controls’ financial advisor in connection with transaction

* Johnson Controls International Plc - net cash proceeds from transaction are expected to approximate $1.8 to $1.9 billion

* Johnson Controls International Plc - Simpson Thacher & Bartlett and Axinn, Veltrop & Harkrider acted as legal counsel for co Source text for Eikon: Further company coverage:

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