MILWAUKEE (dpa-AFX) - Johnson Controls (JCI) on Tuesday said it has completed the sale of its Global Workplace Solutions ('GWS') business to CBRE Group (CBG) for about $1.48 billion.
GWS is one of the world's largest providers of facilities management services, and had revenue of more than $3 billion in calendar year 2014.
The sale includes a 10-year strategic relationship between the two companies. Johnson said the agreement provides it with new channels for its offerings and when fully operational is expected to generate up to $500 million of annual incremental revenue.
The decision to sell its GWS business is part of Johnson' strategy to invest in core businesses.
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