Johnson Controls completed its merger with Tyco, expanding the industrial company's breadth in a corporate inversion deal that has been valued at more than $14 billion.
The deal, announced in January, gives shareholders of Milwaukee-based Johnson Controls Inc. a 56 percent stake in the new company, which is called Johnson Controls. The new global headquarters will be in Cork, Ireland where Tyco is based.
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Corporate inversions have become more popular with U.S. companies as a way to reduce their taxes. Johnson Controls said it is on track to realize $1 billion in savings following the merger. Critics say inversions are an unfair tax dodge.
The company said the merger will speed innovation in fast-growing smart technology now being enabled in devices, sensors, data analytics and controls.