From AFX News Limited
MILWAUKEE — Johnson Controls Inc., a supplier of automotive interiors, Thursday unveiled a restructuring plan that will lead to charges of up $140 million.
The plan is designed to cut costs and improve efficiencies worldwide and involves work force reductions and plant consolidations.
Johnson Controls did not provide additional details but said it expects to complete the restructuring over the next 12 months.
The program will lead to charges of between $130 million and $140 million, or 66 cents to 71 cents per share.
At the same time, the company said that for the fiscal third quarter ending June 30, it expects to record nonrecurring tax benefits of about $135 million, or 68 cents per share, resulting primarily from the reversal of a German deferred tax asset valuation allowance.
The company will report quarterly earnings on July 19.
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