We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson Controls International PLC | NYSE:JCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.08 | 1.70% | 64.46 | 64.595 | 63.39 | 63.57 | 5,413,433 | 22:13:23 |
Shedding battery business would tighten focus on building technologies
By Cara Lombardo
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (March 13, 2018).
Johnson Controls International PLC could sell or spin off its battery business as part of the industrial company's plan to strengthen its core building technology offerings.
The Ireland-based company said Monday it is exploring strategic alternatives for its power solutions business, which brought in about $7.3 billion of revenue in the past fiscal year. The power solutions business primarily sells lead-acid batteries for trucks and cars but it also supplies batteries for hybrid and electric vehicles. The business employs about 15,000 people.
The majority of the company's revenue comes from its building technologies segment, which brought in about $23 billion in the past fiscal year.
Johnson Controls said the two units are each well-positioned but navigating different industry landscapes. Chief Executive George Oliver said in prepared remarks that the company plans to invest in and strengthen its HVAC, fire and security solutions and integrated building management systems business.
The company said it has hired Centerview Partners as a financial adviser and expects to complete its review over the next several months. The company said the review may not result in a transaction.
The latest review comes a few months after Johnson Controls closed a deal to sell its Scott Safety business to 3M Co. for around $2 billion. The Scott Safety unit produced respiratory protection, gas and flame detection, thermal imaging and other products for fire and police departments and customers in industrial, oil and gas, chemical, military and homeland defense segments. Proceeds from the deal were used to pay down part of $4 billion in debt resulting from a merger with Tyco International.
Johnson Controls shares are down 6.5% over the past year.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
March 13, 2018 02:47 ET (06:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
1 Year Johnson Controls Chart |
1 Month Johnson Controls Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions