Summary
Johnson Controls International plc (JCI), through this 8-K filing from May 16, 2014, is providing updated financial disclosures for its previously filed Form 10-Q for the quarter ended December 27, 2013. The primary purpose of this update is to reflect the presentation of the company's South Korean security business as a discontinued operation. This change aligns with the presentation in the Form 10-Q for the second quarter of fiscal year 2014. Investors should note the significant divestiture of Tyco Fire & Security Services Korea Co. Ltd. to an affiliate of The Carlyle Group for a purchase price of $1.93 billion. This sale is expected to close in the third quarter of fiscal 2014 and is anticipated to result in a gain on sale. The filing includes revised financial statements and management discussion and analysis, superseding previously reported information for the affected period, to accurately portray the South Korean security business as discontinued.
Key Highlights
- 1Tyco International Ltd. is updating its financial disclosures to reclassify its South Korean security business as a discontinued operation.
- 2This reclassification is consistent with the presentation in the company's Q2 FY14 Form 10-Q.
- 3The company has entered into an agreement to sell its South Korean security business (Tyco Fire & Security Services Korea Co. Ltd.) to an affiliate of The Carlyle Group.
- 4The sale price for the South Korean security business is approximately $1.93 billion, subject to customary adjustments.
- 5The transaction is expected to close during the third quarter of fiscal year 2014.
- 6Tyco anticipates recognizing a gain on the sale of this business.
- 7The filing incorporates updated financial statements and management discussion and analysis to reflect this change.