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JCI Posts Record Earnings, Plans to Shed Seating Unit
Johnson Controls Inc. says it will spin off its Automotive Experience seating and interiors unit as an independent, publicly traded company within about one year.
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Johnson Controls Inc. says it will spin off its Automotive Experience seating and interiors unit as an independent, publicly traded company within about one year. The company said last month it was exploring options to shed the business.
The unit, which generated $22 billion in revenue in 2014, will in the meantime undergo a "comprehensive cost-savings program," according to JCI. The company says the spinoff will enable JCI to concentrate on its multi-industry strategy, which includes more investment in products related to energy storage and building climate controls.
Bruce McDonald, JCI's vice chairman, will become chairman and CEO of the new spinoff. Beda Bolzenius will be president and chief operating officer.
JCI separately reported its net income in April-June rose 4% to a record $207 million. Net sales for the period declined 2% to $9.6 billion because of unfavorable exchange rates.
The Automotive Experience posted quarterly revenue of $5.4 billion, down 6%. JCI says a slight increase in vehicle production was more than offset by currency exchange. The unit's income for the period climbed 19% to $342 million.
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