Tags: Johnson | Controls | Sale | Assets

Johnson Controls Said to Seek Sale of $1 Billion of Assets

Wednesday, 06 Mar 2013 02:58 PM

Johnson Controls Inc. is exploring a sale of part of its automotive interiors and electronics unit that may fetch more than $1 billion, said two people familiar with the matter.

The company is working with JPMorgan Chase & Co., said one of the people, who asked not to be named because the process is private. Milwaukee-based Johnson Controls, the largest U.S. auto-parts maker, wouldn’t sell the seating or infotainment businesses, the people said.

Johnson Controls, whose market value tops $20 billion, is exploring a sale to free up cash and focus on more profitable divisions, such as car seats, one of the people said. The sale process is in an early stage, with other parts makers and private-equity firms expressing interest so far, one of the people said.

Representatives at JPMorgan and Johnson Controls declined to comment. Reuters reported a potential sale earlier.

In late New York trading Wednesday, Johnson Controls shares were up 5.1 percent at $33.63.

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Johnson Controls Inc. is exploring a sale of part of its automotive interiors and electronics unit that may fetch more than $1 billion, said two people familiar with the matter.
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2013-58-06
Wednesday, 06 Mar 2013 02:58 PM
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