GLENDALE, WIS. (Oct. 14, 2 p.m. ET) — Johnson Controls Inc. says it has completed an agreement to buy out Saft Groupe SA's share of their joint venture to produce lithium-ion batteries.
The Glendale-based battery supplier will pay Saft $145 million for its share of Johnson Controls-Saft.
JCI will retain control of the venture's new plant in Holland, Mich., while Saft will take over its plant in Nersac, France, at the end of 2012.
In May, both companies voiced disagreements on the direction of the joint venture, but Saft opposed the split, saying it had suggested a number of compromises to Johnson Controls.
The joint venture was established in 2006 to develop and produce lithium-ion batteries. Johnson Controls manufactures car interiors and batteries for automobiles and hybrid vehicles. The French company Saft specializes in producing industrial nickel-cadmium batteries. Its lithium-ion batteries have mainly targeted industrial or military users, rather than the automotive market.