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Johnson Controls, Inc. (JCI)

  • Thu, Mar. 5, 5:06 PM
    • Johnson Controls' (NYSE:JCI) Global Workplace Solutions manages 1.8B square feet of corporate real estate globally and accounted for about 10% of the company's $42.7B in sales in the fiscal year ending Sept. 2013. Analysts estimate the unit's value at between $600M and $1.5B (pretty wide range!).
    • JCI last year put the division on the block as it didn't fit it in with its core operations.
    • CBRE's (NYSE:CBG) move comes at a time of increasing deal activity in commercial real estate, with Cushman & Wakefield also up for sale, and FirstService spinning off Colliers International.
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  • May 19, 2014, 4:06 AM
    • Johnson Controls (JCI) intends to spin off its automotive-interiors operations into a joint venture with China's Yanfeng Automotive Trim Systems, which will own 70% of the business and the U.S. company the rest.
    • The JV firm will be the largest company in the world in its field with expected annual revenues of $7.5B and 15% of the market.
    • The non-cash deal comes as Johnson Controls refocuses on its higher-margin non-auto interests, although the company will keep its auto-seating operations.
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  • Apr. 16, 2014, 8:23 AM
    • Johnson Controls (JCI) has agreed to acquire Air Distribution Technologies from Canada Pension Plan Investment Board for $1.6B.
    • Johnson Controls says the deal complements its existing heating, ventilation and air conditioning offerings. It also reflects the company's "commitment to invest in the buildings business as a growth platform."
    • Shares are +1.1% premarket. (PR)
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  • Jan. 13, 2014, 8:24 AM
    • Visteon (VC) has agreed to acquire the the automotive electronics business of Johnson Controls (JCI) for $265M in cash.
    • The deal will turn Visteon into one of the top three suppliers of automotive "cockpit" electronics with combined annual sales of $3B.
    • The unit earned FY 2013 revenue of $1.3B and EBITDA of $58M.
    • Visteon forecasts cost synergies of over $40M by 2017.
    • The company also says that it plans to sell its Visteon Interiors unit in three separate transactions to different buyers in H1.
    • Visteon expects the impact of these deals to be neutral. (PR)
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  • Dec. 3, 2013, 6:57 AM
    • Johnson Controls (JCI) announces it will take a 60% ownership stake in Hitachi Appliance's air conditioning business.
    • The joint venture will begin operations in 2014.
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  • Jul. 18, 2013, 7:54 AM
    More on Johnson Controls (JCI +0.3%) FQ3: net profit +38% to $594M. To sell HomeLink ops, which make remote control products for garages and other home uses, to Gentex (GNTX) for $700M; JCI hopes to sell the rest of its electronics business before its next earnings announcement. Expects FQ4 EPS of $0.93-0.95 vs consensus of $0.92, believes strong free cash flow generation from operations will continue; plans to cut debt by $600-650M. (PR)
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  • Jun. 18, 2013, 2:05 AM
    Johnson Controls (JCI) is reportedly in talks with P-E firms about selling them its automotive electronics unit, which is valued at $1B, after industry interest weakened due to the unit's softer-than-expected performance. Delphi Automotive (DLPH) has pulled out the running, although Visteon (VC) and SAIC (SAI) subsidiary Huayu Automotive Systems are still involved.
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  • Apr. 10, 2013, 2:12 PM
    Johnson Controls (JCI +2%) moves up on speculation the company is likely to get the first round of bids for its auto electronics unit over the next week. Investors learned JCI was exploring a sale in March, after it hired JPMorgan to explore the divestiture. The company is hoping to get $1B for the unit.
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  • Mar. 15, 2013, 10:46 AM
    According to recent reports, Johnson Controls (JCI) appears to be exploring the sale of its automotive electronics business. Analysts at Morgan Stanley think that's a bad idea. Why? Because, when it comes to JCI, the sum of its parts are actually worth less than the whole, says Morgan. If split, each stub could trade at a lower multiple than current and peer levels, and that, boys and girls, would be destructive to shareholder value.
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  • Mar. 6, 2013, 4:01 PM
    Johnson Controls (JCI +1.9%) pares back gains after the company denies earlier reports that it might sell its automotive interiors business, saying it has no current intention to divest this segment.
  • Mar. 6, 2013, 2:29 PM
    Johnson Controls (JCI +6%) moves higher - making it one of the top performers in the S&P 500 - on reports that the company may sell its automotive interiors unit. A sale of the unit, which has struggled with margin pressures, low vehicle production in Europe and increased competition in China, would still leave the company with three major businesses: automotive seating, building controls and car batteries.
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  • Nov. 29, 2012, 8:54 AM
    The government filed court papers this week saying that A123 (AONE) can't be sold without its approval, due to the $239M grant that the bankrupt developer of car batteries has received from the Energy Department. Johnson Controls (JCI) is battling with China's Wanxiang Group to acquire A123, although Wanxiang's bid has aroused political opposition in the U.S.
  • Oct. 19, 2012, 6:19 AM
    Wanxiang Group intends to outbid Johnson Controls (JCI) for A213's (AONE) automotive-business assets and replace the U.S. company as the "stalking horse" bidder. The Chinese company announced its intention at a court hearing yesterday following A123's filing for Chapter 11. At the hearing, A123 won approval to borrow up to $15.5M in interim financing from Johnson Controls.
  • Apr. 2, 2012, 9:01 AM
    Emerson Electric (EMR) buys the marine container and boiler business from Johnson Controls (JCI) for an undisclosed amount. The company says the acquisition is a synergistic fit with its existing marine retail solutions business.
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Company Description
Johnson Controls Inc creates products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles.
Industry: Auto Parts
Country: United States