Clarios the company created when Johnson Controls sold its automotive battery business has filed to go public.
The company, based Glendale, is the world’s largest manufacturer of automotive batteries. Its batteries are found in one in three cars worldwide. And it employs about 16,000 people worldwide, including about 500 in the Milwaukee area.
The business was bought in 2019 by Brookfield Business Partners L.P., a publicly traded limited partnership, and a group of institutional investors, including Caisse de dépôt et placement du Québec, which manages public pension plans in Quebec.
Brookfield Business Partners is an affiliate of Brookfield Asset Management, a Canadian company with more than $600 billion of assets under management.
By Reuters Staff
2 Min Read
(Reuters) -Car battery maker Clarios, backed by Canada’s Brookfield Asset Management Inc, said on Wednesday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering.
The company did not disclose other details about the proposed offering.
The flotation of Clarios, which could be valued at over $20 billion in its IPO according to a person familiar with the matter, would mark one of the biggest stock market debuts from the automotive sector this year.
Electric-vehicle maker Lucid Motors struck a $24-billion merger deal with a blank-check firm in February, while another high-flying startup Rivian is also lining up to go public later this year.
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