Johnson Controls Posts Profit: Supplier Nets $396 Million in Third Quarter
As one of the most diversified and resilient companies in the turbulent auto industry, seat maker Johnson Controls Inc. has managed to keep posting record sales and profits. It did so again on Wednesday, but that wasn’t enough to keep the stock from tumbling. Between April and June, Milwaukee, WI-based JCI, which has its automotive headquarters in Plymouth, MI, reported net income of $396 million, or $1.98 per share, on sales of $8.9 billion. Both are record highs for JCI’s fiscal third quarter.
Jose Maria Alapont Chosen as President and CEO of Federal-Mogul
Federal-Mogul Corp. has just announced that Jose Maria Alapont has been chosen to be the new president and CEO of the company. The appointment was authorized by the court presiding over Federal-Mogul’s Chapter 11 proceedings. Alapont also will join the board of directors of Federal-Mogul. Alapont, who served as CEO of IVECO, the commercial vehicle company of the Fiat Group, will replace Robert “Steve” Miller, who has been serving as interim CEO of Federal-Mogul since January 2004. Miller will continue to serve as chairman of Federal-Mogul’s board of directors.