Gentex (GNTX) Completes HomeLink Purchase from Johnson Controls (JCI)

September 27, 2013 3:02 PM EDT
Gentex Corporation, (Nasdaq: GNTX) has completed the previously announced acquisition of Johnson Controls' (NYSE: JCI) HomeLink business. The acquisition was completed on September 27, 2013.

HomeLink is a vehicle-based control system that enables drivers to remotely activate garage door openers, entry door locks, home lighting, security systems, entry gates, and other radio frequency convenience products. HomeLink is currently offered in all automotive brands, is compatible with more than 99 percent of garage door opening systems, and is sold in North America, Europe, Africa, Asia/Pacific and the Middle East.

Gentex has been integrating HomeLink into its automatic-dimming rearview mirrors for more than 10 years. The acquisition secures Gentex's current customer and product offerings in HomeLink mirrors, and enables new opportunities for Gentex to provide HomeLink for all automotive interior applications.

"HomeLink is highly appreciated by our customers, and we have been very successful in combining it with all of our other electronic technologies," said Gentex Chairman of the Board and Chief Executive Officer Fred Bauer. "Gentex looks forward to leveraging this success to use the HomeLink acquisition to enable and expand our capabilities beyond the mirror."

Under the terms of the agreement, Gentex has acquired all of Johnson Controls' HomeLink assets, intellectual property, testing facilities, and certain employees who manage and support the business.

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