MILWAUKEE (AP) -- Johnson Controls Inc. said Thursday it has reached a deal to acquire EnergyConnect Group Inc., which specializes in energy management technology.
The Milwaukee-based auto parts and building climate control company said it will buy the outstanding shares of EnergyConnect in a deal that is expected to close by July. Terms of the deal were not disclosed.
The deal gives Johnson Controls access to Campbell, Calif.-based EnergyConnect's demand response technology, giving energy managers and building operators access to real-time energy information and access to energy markets so they can better control spending, Johnson Controls said in a statement.
"As our customers continue to demand more sophisticated capabilities to manage their energy costs, integrating demand response services with energy efficiency makes EnergyConnect and Johnson Controls Building Efficiency a natural fit," Johnson Controls Vice President C. David Myers said in the statement.
Shares of EnergyConnect rose 9 cents, or 67 percent, to 22 cents in trading early Thursday, while Johnson Controls shares rose 37 cents to $40.61.