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JCI to Decide Fate of Its Battery Business by November
Johnson Controls International plc says it is giving itself three more months to decide what to do with its battery business.
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Johnson Controls International plc says it is giving itself three more months to decide what to do with its battery business.
The company’s Power Solutions unit, which makes lead-acid starter batteries for vehicles, has been under strategic review since March. Sources have told Bloomberg News that several investor groups are interested in bidding on the unit, which is JCI’s only remaining auto-related business.
CEO George Oliver told analysts three weeks ago that the unit is positioned to gain market share and posted a 14% gain to $1.8 billion in sales in the April-June fiscal quarter. The unit generates one-quarter of JCI’s revenue
Analyst say the Power Solutions business could fetch $10 billion in a sale. JCI sold its seating business, now named Adient, in 2016 and relocated its fiscal headquarters to Dublin, Ireland.
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