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JCI Puts Auto Electronics Unit Up for Sale
Johnson Controls Inc. says it has retained JPMorgan Chase & Co. to help seek a buyer for its automotive electronics business.
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Johnson Controls Inc. says it has retained JPMorgan Chase & Co. to help seek a buyer for its automotive electronics business.
The Milwaukee, Wis.-based company refutes a Reuters report that it plans to sell the interiors operation. The news service later withdrew the story.
In recent months JCI has divided its Automotive Experience group into two units: one for seating, the other for electronics and interiors. The company has separate groups for auto batteries and building climate control systems.
The auto electronics operation makes displays, instrument clusters, sensors and infotainment and connectivity systems. Analysts say the business could fetch more than $1 billion, Bloomberg News reports.
JCI told analysts in December that the unit generated $1.4 billion of the company's $42 billion revenue in the fiscal year ended Sept. 31. But the electronics unit is especially vulnerable to Europe's weak auto market.
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