31 May Johnson Controls and Hoover Universal merge

Hoover Universal, Inc. is officially an owned subsidiary of Johnson Controls after a merger had been proposed in March.

Fred Brengel, CEO of Johnson Controls, and John Daly, CEO of Hoover announced that the two companies would be officially joining and Hoover’s shareholders approved the transaction at a meeting, agreeing to exchange each share of Hoover stock for a .8381 share of Johnson stock.

Johnson Controls is now the leading independent manufacturer of seating for cars and light trucks and the leading market supplier of plastic bottles, thanks to the merger.

At the time of the agreement, Hoover employed more than 8,000 employees in 57 plants worldwide and had annual sales of USD$845 million.