(Reuters) – Activist investor Elliott Investment Management has built a position worth more than $1 billion. Johnson Controls (NYSE:) International Plc, Bloomberg News reported Sunday.
The Bloomberg report also said Elliott’s intentions behind the stake in the construction solutions provider were not immediately known.
Elliott and Johnson Controls did not immediately respond to a Reuters request for comment. The investor’s move follows Johnson Controls’ efforts to sell its heating and ventilation assets as part of efforts to divest non-core businesses.
Robert Bosch GmbH, Lennox International (NYSE:) and Samsung Electronics (KS:) were among the industrial firms competing to acquire more than $6 billion in heating and ventilation assets from Johnson Controls, Reuters previously reported.
Founded in 1885, Johnson Controls manufactures a wide range of appliances and equipment for commercial buildings, as well as appliances for home comfort. It provides electronic systems for offices, schools and hospitals in areas such as ventilation, security and fire detection.