ZEELAND, Mich. — Auto parts supplier Gentex is buying Johnson Controls' HomeLink business for $700 million.
HomeLink is a system that allows drivers to remotely activate garage door openers, entry door locks, home lighting, security systems, entry gates and other radio frequency convenience products.
The system has been a part of Gentex Corp.'s automatic dimming rearview mirrors for more than a decade. HomeLink is sold in North America, Europe, Africa, the Asia-Pacific region and the Middle East.
Gentex said Thursday that once HomeLink is fully integrated into its operations, it anticipates the business boosting its annual revenue by $125 million to $150 million a year. HomeLink is also expected to add to Gentex's earnings per share.
The integration process is expected to take place over the next year to 18 months.
The deal is subject to regulatory approval and is expected to close by the end of September.
Gentex shares fell 15 cents to $24.34 in morning trading, while Johnson Controls Inc.'s shares climbed $2.14, or 5.7 percent, to $39.48.