Johnson Controls, Fiamm deal nixed |
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Published
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Mon, 30 Apr 2007 22:26
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MILWAUKEE (AP) - Battery maker Johnson Controls Inc. said Monday it is no longer trying to buy Fiamm Group's car battery business, after the two were unable to agree to terms.Johnson Controls had said in October it reached a preliminary understanding to buy the business from Fiamm, a privately held Italian company. At the time, Johnson Controls said the battery unit would help expand its European aftermarket presence, particularly in fast-growing Eastern European countries.Johnson Controls slipped $1.57 to close at $102.33 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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