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Johnson Controls sells Bristol unit |
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Wednesday, 14 March 2007 |
 KPS Capital Partners LP said recently it has acquired the assets of Bristol Compressors Inc., a manufacturer of technology for air conditioning units and heat pumps, from Milwaukee-based Johnson Controls Inc, informs Associated Press.
Financial terms of the transaction with Johnson Controls, which makes car seats and batteries, were not disclosed. KPS said its investment will provide Bristol, Va.-based Bristol Compressors "with access to substantial capital to continue new product development."
The new KPS affiliate will be known as Bristol Compressors International Inc. KPS said it will help Bristol's senior management team create a business plan to improve manufacturing operations, productivity and supply chain management.
In February, Bristol Compressors said it will lay off about 240 workers and close for two weeks due to unusually high inventories. It was the second round of cutbacks in a year for the company. |
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