VARTA – product/market expansion
Johnson Controls completes acquisition of Varta AG’s Automotive Battery Division
October 31, 2002 (PD: 201510)
Johnson Controls paid $302 million for the German firm, which had annual revenue of $571 million.
The Varta Automotive Battery Division consisted of VARTA Automotive GmbH, and an 80% stake in VB Autobatterie GmbH. Varta had six battery plants across Europe located in Austria, the Czech Republic, France, Germany and Spain.
Giovanni (John) Fiori, Johnson Controls executive vice president, stated “we are very pleased to join with Varta. Varta is known for quality and proven product and process technology.”
Previously, Varta and Johnson Controls had been partners in a South American battery joint venture, and in fulfilling Ford Motor Company’s original equipment needs in Europe since 1997.
Along with the purchase of Hoppecke Automotive in 2001, the Varta acquisition broadened Johnson Controls’ presence in the European automotive battery market.