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— Though its headquarters for tax purposes will move to Ireland, analysts say the Johnson Controls, Inc. merger might be good news for Wisconsin — or will at least soften the blow of any job reductions.
Johnson Controls, which is based in Glendale, announced yesterday it would move its headquarters for tax purposes to Cork, Ireland through a merger with Tyco International, pending shareholder and regulatory approval. But the deal, which is expected to close in the fall, would keep the combined company’s operational headquarters in the Milwaukee area.
The deal, which got slammed by Dem presidential candidates Hillary Clinton and Bernie Sanders, is estimated to save the combined company $150 million each year in taxes. It will also bring $500 million over three years in savings from “synergies,” which are largely expected to come from reducing unnecessary positions.
Though they noted it’s too early to tell, analysts were split on what those reductions might look like.
“It sure looks like job reductions for Wisconsin,” said Ascendiant Capital senior research analyst Theodore O’Neill.
But Efraim Levy, senior equity analyst for S&P Capital, said since Johnson Control is the larger party of the two and the operational headquarters will remain in Wisconsin, the move could “bode well” for the state.
See more on the merger in a new WisBusiness.com story:
http://www.wisbusiness.com/index.iml?Article=363809
— A UW-Madison research finding could move up the timeline for transfusable blood products.
The researchers included UW-Madison pathology professor Igor Slukvin and stem cell pioneer James Thomson, whose labs are working on creating blood products for humans from primate skin cells.
The finding could one day help alleviate issues that many bone marrow transplant patients face, as their procedures leave them with new bone marrow that don’t have a way “to naturally fight inflections shortly after the transplant.” Slukvin’s lab could help develop a stopgap solution, called pluripotent stem cells, until new cells take over.
TOP HEADLINESHow much federal, state income tax is Johnson Controls paying?
http://bizjournals.com/milwaukee/blog/2016/01/how-much-federal-state-income-tax-is-johnson.html
With acquisition of Tyco, Johnson Controls will become global ‘one-stop shop’ for building controls
http://jsonline.com/business/366405461.html
Bucks exec Alex Lasry: Renovate or demolish Milwaukee Theatre
http://bizjournals.com/milwaukee/blog/2016/01/bucks-exec-alex-lasry-calls-for-demolishing.html
Verso Corp. seeks bankruptcy with $2.4B debt
http://wausaudailyherald.com/story/news/local/2016/01/26/79335694/
Barrett believes Johnson Controls merger will be good for Milwaukee
http://biztimes.com/2016/01/25/barrett-believes-johnson-controls-merger-will-be-good-for-milwaukee/
Nicolet National Bank to acquire Navigator Planning Group LLC
http://jsonline.com/business/366454241.html
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STORY TOPICS
BANKING ^top^
– Bank First opens new office in Appleton
http://postcrescent.com/story/money/2016/01/25/79314350/
HEALTH CARE ^top^
– Gundersen hotel construction slated for July
http://lacrossetribune.com/97deed37-e4e2-5ffe-846a-53950f17c4c7.html
– Bellin joins new Medicare pilot program
http://greenbaypressgazette.com/story/money/2016/01/25/79301962/
LABOR ^top^
– Union treasurer given jail time for theft
http://postcrescent.com/story/money/2016/01/25/79321094/
MANAGEMENT ^top^
– Grebe’s Bakery president James Grebe oversaw period of rapid growth
http://bizjournals.com/milwaukee/news/2016/01/25/grebe-s-bakery-president-james-grebe-oversaw.html
– Milwaukee business leader Fred Luber dies at age 90
http://bizjournals.com/milwaukee/news/2016/01/25/milwaukee-business-leader-fred-luber-dies-at-age.html
– Frederick Luber, longtime Super Steel owner, dies at 90
http://biztimes.com/2016/01/25/frederick-luber-longtime-super-steel-owner-dies-at-90-2/
MANUFACTURING ^top^
– Ireland move would trim Johnson Controls’ taxes by $150 million a year
http://jsonline.com/business/366485071.html
– Johnson Controls to merge with Tyco International in blockbuster deal
http://bizjournals.com/milwaukee/news/2016/01/25/johnson-controls-to-merge-with-tyco-international.html
– Johnson Controls merger to save $150M in global headquarters move
http://bizjournals.com/milwaukee/news/2016/01/25/johnson-controls-merger-to-save-150m-in-global.html
– With Tyco merger, Johnson Controls to accelerate growth, innovation
http://biztimes.com/2016/01/25/with-tyco-merger-johnson-controls-plans-to-accelerate-growth-and-innovation/
– Johnson Controls to move headquarters to Ireland in Tyco deal
http://biztimes.com/2016/01/25/johnson-controls-to-move-headquarters-to-ireland-in-tyco-deal/
– Arrowhead will lease second facility in Oshkosh
http://thenorthwestern.com/story/money/2016/01/26/79302140/
– Dutchland Plastics molds its future in kayaks, coolers and furniture
http://jsonline.com/business/366474431.html
– GS Global Resources to move HQ from New Berlin to Mukwonago
http://biztimes.com/2016/01/25/gs-global-resources-to-move-hq-from-new-berlin-to-mukwonago/
POLITICS ^top^
– Johnson says JCI’s Irish HQ plans show U.S. tax code needs overhaul
http://biztimes.com/2016/01/25/sen-johnson-says-johnson-controls-irish-hq-plans-show-u-s-tax-code-needs-overhaul/
REAL ESTATE ^top^
– William Orenstein, longtime developer, dies at 88
http://jsonline.com/business/366478811.html
– Historical Society could be first Milwaukee County property to get parks rezoning
http://bizjournals.com/milwaukee/blog/real_estate/2016/01/historical-society-could-be-first-milwaukee-county.html
– Historical Society downtown building to be rezoned for park use
http://jsonline.com/business/366468691.html
– Developer Bill Orenstein remembered as mentor, gentleman
http://bizjournals.com/milwaukee/blog/real_estate/2016/01/developer-bill-orenstein-remembered-as-mentor.html
– County narrowly approves Park East project’s final phase
http://jsonline.com/business/366440361.html
– Wangard plan for Park East apartments wins Milwaukee County committee vote
http://bizjournals.com/milwaukee/blog/real_estate/2016/01/wangard-plans-for-park-east-apartments-wins.html
RETAIL ^top^
– Target, Apple Store and a skating rink: Everyone has advice for new Grand Avenue owners
http://bizjournals.com/milwaukee/blog/2016/01/target-apple-store-and-a-skating-rink-everyone-has.html
– Duluth Trading Co. to open in Doerflinger Building
http://lacrossetribune.com/a788d1b0-2ee6-5ecb-9faf-c2e1b8f1fd14.html
SMALL BUSINESS ^top^
– Persistence pays off: Budding entrepreneur finally finds home for Prohibition-themed eatery
http://leadertelegram.com/News/Front-Page/2016/01/26/Persistence-pays-off.html
TOURISM ^top^
– ‘Discover Wisconsin’ to feature central Wis.
http://stevenspointjournal.com/story/news/local/2016/01/25/79309286/
PRESS RELEASES ^top^
See these and other press releases:
http://wisbusiness.com/index.iml?Content=82
A. O. Smith Corporation: Announces 26 percent dividend increase
Greenfire Management Services: Welcomes Alex Siehoff, Project Engineer
Johnson Controls: And Tyco to merge
Wisconsin Corn Growers: WCGA makes pitch for UW weed specialist
Wisconsin Manufacturers & Commerce: Business optimism eroding over weak national, global economies
