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May 18, 2014
14:41 EDTJCIJohnson Controls to create automotive-interiors business JV with China partner
Johnson Controls (JCI), and Yanfeng Automotive Trim Systems, a wholly owned subsidiary of Huayu Automotive Systems, the component group of Shanghai Automotive Industry Corporation, SAIC, announced the signing of a definitive agreement to form a global automotive interiors joint venture. The agreement is a noncash transaction comprised of asset contributions by the two parties that will create the largest automotive interiors company in the world with revenues of approximately $7.5B. Yanfeng will hold the majority 70% share in the joint venture, and Johnson Controls will have a 30% share. "Joining our two interiors businesses is a natural extension of our already very successful existing partnership with Yanfeng in automotive seating, which has flourished over the past 15 years. It creates a strong combined company with a market leading position and a foundation for sustained global growth," said Alex Molinaroli, Johnson Controls chairman and chief executive officer. "This also aligns with Johnson Controls' corporate commitment to China, which is increasingly becoming a major center for the global automotive industry."The new company will be headquartered in Shanghai with global engineering, development and customer centers in the United States, Europe, China, Japan and India. The product portfolio will include instrument panels and cockpit systems, door panels and floor consoles. The transaction is subject to limited conditions and is expected to close in the first half of calendar year 2015. The agreement excludes certain facilities in both Yanfeng and Johnson Controls' existing networks. Johnson Controls will continue to operate those within its network as part of Johnson Controls' Automotive Experience business. Johnson Controls will host an analyst call Monday, May 19 at 3 p.m. CDT.
News For JCI From The Last 14 Days
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September 30, 2014
09:51 EDTJCIJohnson Controls unit could fetch near $1.5B, says Wells Fargo
Wells Fargo says it was not surprised by Johnson Controls' announcement of its plans to sell its Global Workplace Solutions business. The firm does not believe the unit is a core piece of the portfolio. Wells thinks the sale price could approach $1.5B and keeps an Outperform rating on Johnson Controls.
09:02 EDTJCIJohnson Controls intends to divest Global Workspace Solutions business
Johnson Controls announced its intention to divest its Global Workplace Solutions business. The action reflects the company's previously stated intention to invest in businesses that are core to its long-term growth strategy and multi-industrial portfolio. The GWS business is a provider of facilities, corporate real estate and energy management. It has been part of Johnson Controls' portfolio for more than 20 years, and currently manages more than 1.8B square feet of corporate real estate. It will continue to be a close partner to Johnson Controls as both a supplier and a customer.
September 25, 2014
10:02 EDTJCIJohnson Controls appoints Grady Crosby Chief Diversity Officer
Johnson Controls announced that its board has elected Grady Crosby a corporate officer and appointed him as vice president public affairs and Chief Diversity Officer, effective Oct. 1. In this role, Crosby will develop and implement focused government relations strategies, and lead the company's sustainability and community involvement initiatives to build partnerships that align with the Johnson Controls brand and build value. Crosby will also serve as president of the Johnson Controls Foundation. Crosby is succeeding Charles Harvey who is retiring from the company at the end of the calendar year.
September 23, 2014
11:47 EDTJCIJohnson Controls names Brian Stief as CFO
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September 17, 2014
06:53 EDTJCIWhite House says companies taking steps to reduce HFCs emissions
The Obama Administration yesterday announced new private sector commitments and executive actions to reduce emissions of hydroflourocarbons, or HFCs, powerful greenhouse gases that contribute to climate change, the Shite House stated. Coca-Cola (KO) has set a goal for 100 percent of its newly purchased cold drink equipment to be HFC-free, .while DuPont (DD),, announced that its new products are anticipated to reduce greenhouse gas content of refrigerants by some 90M tons carbon dioxide equivalent in the U.S., and 245M tons worldwide by 2025, the White House noted. Honeywell (HON) plans to transition the majority of its high-GWP HFC production to new low-GWP production, while Johnson Controls (JCI) committed to using the lowest GWP option for each application that best fits the needs of its customers from the standpoint of safety, efficiency, reliability, availability, and economy, according to the White House Johnson Controls also commits to spend $50M over the next three years to develop new products and improve and expand its existing low-GWP portfolio.

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