Johnson Controls takes stake in Donnelly

Tier 1 interior giant Johnson Controls (Milwaukee, WI) is taking a 15.1% stake in mirror maker Donnelly Corporation (Holland, MI) on Tuesday. The deal hinges on the purchase of 1.54 million shares of Donnelly stock. The shares had been held by the Heartland Funds (Milwaukee, WI).

"We are very excited to welcome Johnson Controls as a new investor in Donnelly," says Donnelly CEO Dwane Baumgardner. "Their interest in making this investment is a clear indication that Donnelly's market position and business prospects are seen as positive."

The purchased shares represent about 3.3% of the voting power of Donnelly and 15.1% of its outstanding common shares. Donnelly supplies automotive rearview mirror systems, modular window systems, and handle products. It employs 6,100 employees in 12 countries.

Edited by Norman Martin
Managing Editor, AutoCentral.com