Mexican Media Brands
JCI May Have Hit Snag in Electronics Unit Sale
Johnson Controls Inc. has broadened its search for a buyer for its automotive electronics business because of weak bidding interest, according to news reports.
#electronics
Share
Johnson Controls Inc. has broadened its search for a buyer for its automotive electronics business because of weak bidding interest, according to news reports. They add that JCI might even break up the unit and sell the pieces.
The company insists it has received "strong interest from multiple strategic buyers."
JCI reportedly excluded private equity firms from the bidding when it put the electronics operations up for sale in March. Unidentified sources tell Reuters that the company has opened talks with such firms after some industry bidders were disappointed by the unit's performance.
JCI's electronics profit tumbled 35% to $24 million in the January-March period as revenue dropped 13%. The company blames Europe's sluggish auto market.
JCI is now weighing the possibility selling the unit's assets piecemeal, according to Bloomberg News. The news service cites anonymous sources who say that at least one of the bidders, Delphi Automotive plc, wants only portions of the operations,
Visteon Corp. and Shanghai Automotive Industry Corp's Huayu Automotive Systems also are still interested, according to the news services.
RELATED CONTENT
-
2018 Toyota Land Cruiser
Jules Verne published 20,000 Leagues Under the Sea in 1870; the 1954 film version staring James Mason as Captain Nemo came to mind while driving the Toyota Land Cruiser.
-
2019 Honda Insight
One of the things that rarely gets the amount of attention that it should in a typical “car review” is the fact that for a considerable amount of time drivers are not “getting on the throttle” because for a considerable number of drivers, they’re “dwelling on the binders,” a.k.a., sitting with their foot depressed on the brakes, perhaps lifting every now and then in order to nudge forward in traffic.
-
2018 Genesis G80 AWD 3.3T Sport
The thing about the 2018 Genesis G80 AWD 3.3T Sport: The head of a valet service at a restaurant on New Year’s Eve said to me as his associate handed me back the key fob (a hefty object, speaking to the fact that this is a substantial vehicle), “We don’t see many of these.” A couple days later, a locksmith in downtown Plymouth, who was making some keys for autofieldblog HQ (yes, there are still independent locksmiths that make keys for doors) looked out his window and said to me, “What’s that?” Neither of these probably make the people at Genesis all that happy, but in both cases the tone of voice indicated admiration, if not full-on interest.