Johnson Controls, Inc. has announced that it has reached a definitive agreement for the sale of its Global WorkPlace Solutions (GWS) business to CBRE Group, Inc., for $1.475 billion. The company announced its intentions to divest the GWS business in September 2014 as part of its strategy to invest in product businesses that are core to its multi-industrial portfolio and growth objectives. The agreement includes a 10-year strategic relationship. Johnson Controls will be the preferred provider of HVAC equipment, building automation systems and related services to the 5 billion sq. ft. portfolio of real estate and corporate facilities managed globally by CBRE and GWS. The agreement provides Johnson Controls with new channels for its offerings and when fully operational is expected to generate up to $500 million of annual incremental revenue for its Building Efficiency business. CBRE will provide Johnson Controls with a full suite of integrated corporate real estate services on more than 50 million sq. ft. of Johnson Controls properties. In addition, the companies will jointly provide $40 million over 10 years to fund an innovation lab that will develop leading-edge energy management solutions. (Source: http://www.johnsoncontrols.com)