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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 23, 2015
08:03 EDTJCIBrookfield acquires remaining 50% interest in JV with Johnson Controls for $200M
Brookfield Asset Management (BAM) announced that it has reached an agreement to acquire the other 50% of its Canadian and Australian facilities management businesses from Johnson Controls (JCI) for approximately $200M. This acquisition will facilitate a merger with its wholly owned businesses in the Middle-East and South America as part of a broader plan to create the leading global facilities management business. With the termination of its joint venture agreements with Johnson Controls, Brookfield will immediately launch its facilities management businesses in scale in the United States and Europe, building on client relationships across its 340M square feet property portfolio.
January 22, 2015
07:08 EDTJCIJohnson Controls agrees to form joint venture with Hitachi
Johnson Controls (JCI), Hitachi (HTHIY) and Hitachi Appliances have signed a definitive agreement on January 21 to form a previously announced global joint venture that will bring customers world-class variable refrigerant flow technology, as well as room air conditioners and absorption chillers to meet increasing demands for energy efficient air conditioning options. The Johnson Controls-Hitachi joint venture is expected to have 2016 sales of approximately $3.0B. The formation of the joint venture is expected to close in the fourth quarter of fiscal 2015, pending regulatory approvals.
07:07 EDTJCIJohnson Controls backs FY15 EPS view $3.55-$3.70, consensus $3.60
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07:06 EDTJCIJohnson Controls sees Q2 EPS 74c-76c
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07:06 EDTJCIJohnson Controls reports Q1 EPS ex-items 79c, consensus 77c
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January 21, 2015
20:11 EDTJCIJohnson Controls, Hitachi to form global HVAC joint venture
Johnson Controls (JCI), Hitachi, Ltd. (HTHIY) and Hitachi Appliances entered into a definitive agreement for their global joint venture while at the World Economic Forum in Davos, Switzerland. Through the agreement, Johnson Controls will obtain a 60% ownership stake in Hitachi Appliances' more than $2.6B global air conditioning business, excluding sales and service operations in Japan. The Johnson Controls-Hitachi joint venture will bring customers a full range of air conditioning products, including variable refrigerant flow technology, inverter technology based room air conditioners and absorption chillers on top of existing Johnson Controls products that meet global customer demands.
15:27 EDTJCINotable companies reporting before tomorrow's open
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