Johnson Controls has announced it is “exploring strategic options for the separation of its automotive business”.
The global multi-industrial company wants to exit the automotive seating and interiors businesses to focus on its higher-margin building efficiency and automotive battery operations.
The announcement continues the company’s strategy of “proactive portfolio management to drive focus on strategic product-oriented businesses where we can be a global market leader, drive more profitable growth and deliver maximum long-term value for our customers and shareholders”, said Alex Molinaroli, chairman and chief executive officer.
Johnson Controls said it had no specific timetable for the completion of the strategic review, which includes a full range of strategic options for the automotive business.
The company, whose customers include most major automakers, said its options included a spinoff, divestiture, joint venture or sale of its seating business in pieces.
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