Dear Colleagues,
I want to update you on the announcement we made last month regarding Johnson Controls’ agreement to sell its interests in the Brookfield Johnson Controls (BJC) joint ventures in Australia and Canada to Brookfield Asset Management (Brookfield).
The transaction formally closed on February 18, 2015, which means BJC is now wholly owned by Brookfield.
We have been in close contact with our customers with sites in Australia, New Zealand and Canada to answer their questions, address any concerns, and ensure a seamless transition – it remains business as usual for them. BJC customers in these locations will remain customers of BJC, and their current contracts will remain intact. For our global customers with sites in these locations, we will continue to supervise and manage the services BJC provides just as we do today, to ensure we fulfill all of our MSA obligations and commitments.
Financial targets for the affected regions are being reset to reflect the removal of the BJC business.
As I previously communicated, this sale was a unique situation, rooted in the terms spelled out in the original joint venture agreements. Johnson Controls still intends to sell the remainder of the GWS business as a whole, and prospective buyers now have a more accurate picture of what is and is not included in the sale.
The GWS divestiture process continues to move forward and we anticipate a buyer selection by early in our fiscal year third quarter. In the meantime, we will keep you informed of news related to the divestiture as it becomes known. As always, please post any questions you may have to the “Informing GWS” Community Site or speak directly to your supervisor.
Thank you for your ongoing efforts to keep our business running smoothly throughout this process.