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Johnson Controls Inc.
has completed the sale of its engine electronic business to a French company, Valeo. Valeo is based in Paris and paid approximately 330 million euros ($433 million) for the business, headquartered in Pontoise, France, which manufactures components and electric systems for vehicle engines. Johnson Controls bought the division from another French technology company, Sagem, and estimates its fiscal 2004 revenues at 350 million Euros.