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JCI Ponders Sale of Interiors Business
Johnson Controls Inc. says it will explore "strategic options" for its automotive interiors unit, which lost $13 million on sales of $4.2 billion in fiscal 2013 ended Sept. 30.
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Johnson Controls Inc. says it will explore "strategic options" for its automotive interiors unit, which lost $13 million on sales of $4.2 billion in fiscal 2013 ended Sept. 30.
The review, which does not include JCI's seating business, is part of new CEO Alex Molinaroli's plan to reposition the company to compete in more industries.
JCI sold its HomeLink in-car garage door control business last month. It says it expects to announce the sale of its remaining electronics operations before the end of 2013.
The company announced the portfolio plans as it reported that its net income in July-September climbed 27% to a record $657 million, excluding special items. Revenue rose 6% to $11 billion.
JCI's combined automotive operations hiked income 47% to $233 million on revenue of $5.5 billion, up 9% from the same quarter last year.
The company's net income for the full fiscal year slipped 1% to $1.2 billion as sales rose 2% to $42.7 billion. JCI says it expects its earnings to jump 30% in the current quarter.
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