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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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January 28, 2016
11:29 EDTJCIJohnson Controls seeing revenue softness in Building Efficiency division
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11:14 EDTJCIJohnson Controls continues to expect at least $650M in synergies from merger
Oost merger, the company expects $4.5B EBITDA, $500M operating synergies and $150M tax synergies.
11:12 EDTJCIJohnson Controls sees no hiccups, improved momentum for Tyco transaction
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07:10 EDTJCIJohnson Controls backs FY16 EPS view $3.70-$3.90, consensus $3.76
Estimated separation costs for Automotive Experience are $400M-$600M in fiscal 2016. Johnson Controls expects to resume its previously authorized share repurchase program in the second half of fiscal year 2016 and plans to repurchase $500M before the end of the fiscal year.
07:09 EDTJCIJohnson Controls sees Q2 EPS 80c-83c, consensus 82c
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07:00 EDTJCIJohnson Controls reports Q1 adjusted EPS 82c, consensus 82c
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January 27, 2016
14:34 EDTJCINotable companies reporting before tomorrow's open
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January 26, 2016
07:53 EDTJCIJohnson Controls weakness a buying opportunity, says UBS
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07:09 EDTJCIJohnson Controls acquisition of Tyco makes sense, says RBC Capital
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07:02 EDTJCIInternational Exposition Company to hold an expo
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06:24 EDTJCIJohnson Controls-Tyco merger should let Johnson reduce tax rate, WSJ says
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