Pulled I.P.O
In May 2021, Clarios announced it would go public pending SEC review. However, in July of that year the largest low-voltage battery manufacturer cancelled its I.P.O, which was expected to raise $1.7 billion, due to concerns about market volatility. The company has experienced mixed performance in recent years and had anticipated using the proceeds of the pulled I.P.O. to pay down accumulated debt. Initially known as Johnson Controls Power Systems, the company was renamed as Clarios following breaking off from its parent, Johnson Controls, in 2019. The current owners of the company are private equity firm Brookfield Business Partners and Caisse de depot et placement du Quebec, a Canadian pension manager.
StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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