Smart Buildings

Johnson Controls could Shed Automotive in Favour of Smart Building Controls and Energy Storage

Johnson Controls is shifting back toward its roots with its announced move to separate its massive automotive unit and focus instead on smart building controls and energy storage. Management said it is open to an outright sale, spinoff or formation of a joint venture to shed the unit, with a decision expected before year's end. Milwaukee-based Johnson Controls said Wednesday it has retained Goldman Sachs and Centerview Partners to explore options for the automotive business, a collection of seating and related assets that accounted for about 40% Johnson Controls' $43 billion in 2014 sales. The planned split is the latest in a series of sales for Johnson Controls, which in March said it would sell its facilities business to CBRE Group for $1.48 billion, and in years past sold its HomeLink unit to Gentex Corp. and its auto-electronics assets to Visteon. The resulting company will be focused primarily on battery and energy-storage technology and its […]

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