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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO
JOE KERNEN, CNBC ANCHOR: Well, we do have an M&A deal, some news today. Johnson Controls is buying York International (YRK) for $3.2 billion. I`m telling you, York shareholders are real happy today. That will make its control business the global leader in its industry. The deal also lessens Johnson`s dependence on the auto industry. And joining us from Milwaukee, in another "First on CNBC," is John Barth, chairman and CEO of Johnson Controls.
Good morning, Mr. Barth. Thanks for joining us.
JOHN BARTH, CHMN., PRES. & CEO, JOHNSON CONTROLS: Good morning, Joe. And thanks for having me on.
KERNEN: And the reason your company is called "Controls" is because back in the 19th Century, when you started, it was mostly this kind of business that you were in. And the auto parts was a diversification a few years ago, right? So you`re really kind of just adding to your roots here.
BARTH: That`s right. We started 121 years ago here in Milwaukee in the controls. In fact, Warren Johnson invented a thermostat. And then in 1985, we diversified into automotive.
KERNEN: It`s a nice premium for York shareholders. You guys were in a good mood, or you just wanted to get it done on a friendly basis?
BARTH: No, not at all. I mean, it`s all about growth. We`re in a...
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