Johnson Controls Inc. (JCI) announced it is exploring strategic options for the separation of its automotive business.
According to Chairman and CEO Alex Molinaroli, this action is in line with JCI’s strategy of proactive portfolio management to drive focus on strategic product-oriented businesses where the company can be a global market leader.
Johnson Controls has engaged Goldman Sachs and Centerview Partners to serve as financial advisers, and Wachtell, Lipton, Rosen and Katz to serve as legal adviser in connection with this strategic review.
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 also is continuing to actively evaluate growth platforms that are aligned with the unique operational capabilities and specific attributes of its multi-industrial portfolio.
