(Reuters) – Activist investor Elliott Investment Management has built a position worth over $1 billion in Johnson Controls International Plc, Bloomberg News reported on Sunday.
The Bloomberg report also said that Elliott’s intentions behind the stake in the building solutions provider couldn’t immediately be learned.
Elliott and Johnson Controls didn’t immediately respond to a Reuters request for comment. The investor’s move follows Johnson Controls’ attempts to divest its heating and ventilation assets as part of an effort to jettison non-core businesses.
Robert Bosch GmbH, Lennox International and Samsung Electronics were among industrial firms competing to acquire heating and ventilation assets worth over $6 billion from Johnson Controls, Reuters had earlier reported.
Founded in 1885, Johnson Controls makes a wide range of appliances and equipment for commercial buildings, as well as home comfort appliances. It provides electronic systems for offices, schools and hospitals in areas such as ventilation, security and fire detection.
(Reporting by Kanjyik Ghosh; Editing by Nivedita Bhattacharjee)
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