In a press release Thursday, Gentex (NASDAQ: GNTX) announced that it would acquire Johnson Controls’ (NYSE: JCI) Homelink business.
According to the release, Gentex will acquire all of the assets including testing facilities, intellectual property, and employees at a price of $700 million.
Gentex is a Zeeland, Michigan-based manufacturer of automatic-dimming rearview mirrors, camera-based lighting, and driver-assist systems for the automotive industry along with products for the aviation industry.
The stock is thinly traded with an average volume of 917,00 shares per day. Currently priced at 24.49, in the past six months it is up about 26 percent.
Johnson Controls primarily manufactures parts and systems for the passenger cars and light trucks. The $25 billion company trades an average of 3.8 million shares per day and is up about 20 percent in the past six months.
[stock-tools exchange="NYSE" symbol="JCI" image_height="230" image_width="350"]
Disclosure: At the time of this writing, the author had no position in the company mentioned.
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