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Jan. 10, 2005 / 1:41 PM

Johnson Controls sells engine unit

MILWAUKEE, Jan. 10 (UPI) -- Johnson Controls of Milwaukee Monday agreed to sell its engine electronics business to Valeo of Paris.

Valeo will pay approximately $500 million for the business, which manufactures engine management systems, engine control units, electric motor drives and engine components, including injectors, ignition and emission control components and sensors.

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The business has its headquarters and an R&D center in Pontoise, France, and operates plants in Ste. Florine and Sable sur Sarthe, France.

The transaction is expected to be completed during the first quarter of calendar 2005.

Johnson Controls is a global market leader in automotive systems and facility management and control.

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