International. Johnson Controls announced that it has entered into a definitive agreement for the sale of its Global WorkPlace Solutions (GWS) business to CBRE Group, Inc., for $1.475 billion. The company announced its intention to sell GWS's business in September 2014, as part of its strategy to invest in product businesses that are critical to its multi-industrial portfolio and growth targets.
The agreement includes a 10-year strategic relationship between the two companies. Johnson Controls will be the preferred supplier of HVAC equipment, building automation systems and related services to the 5 billion square foot real estate portfolio and business operations managed globally by CBRE and GWS.
The agreement provides Johnson Controls with new channels for its offerings and when fully operational expects to generate up to $500 million in annual incremental profits for the Johnson Controls Building Efficiency business.
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