Gentex (GNTX -1.24%) is now officially one asset larger. Today, the company closed its purchase of HomeLink, a vehicle-based home security management system formerly owned by Johnson Controls. The deal, which was originally announced in July, saw Gentex agree to pay $700 million for all HomeLink assets, intellectual property, testing facilities, and a number of employees.
According to Gentex, HomeLink is offered for all major auto brands, and is compatible with 99% of garage door opening systems. Prior to the purchase, Gentex had been integrating HomeLink into one of its key products -- automatic-dimming rearview mirrors -- for over a decade.
In the press release announcing the news, the company quoted its CEO Fred Bauer as saying that, "Gentex looks forward to leveraging this success to use the HomeLink acquisition to enable and expand our capabilities beyond the mirror."