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Johnson Controls Board Approves Addl. $8.5 Bln Stock Buyback Authorization

Johnson Controls International plc (JCI) said Thursday that its board of directors has approved an additional $8.5 billion share repurchase authorization, subject to the completion of the previously announced sale of the company's Power Solutions business.

Johnson Controls has received U.S. and European antitrust approvals relating to the sale and is targeting to close the transaction no later than June 30, 2019, subject to customary closing conditions and receipt of all required regulatory approvals.

"Today's announcement reflects our progress towards completing the sale of Power Solutions and our commitment to return capital to our shareholders. When completed, the sale of our Power Solutions business will streamline our portfolio and increase long-term shareholder value by creating a pure-play buildings technology and solutions provider focused on execution and increasing financial flexibility," said chairman and CEO George Oliver.

Johnson Controls noted that in implementing this share repurchase authorization, it may purchase shares in the open market or through a variety of methods as permitted by applicable securities laws and other legal requirements.

The stock repurchase authorization does not have a set expiration date and may be amended or terminated at any time at the company's discretion without prior notice.

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