Monday 22 October 2018

Johnson Controls in strategic review

The logo of Johnson Controls stands over its production plant in Hanover, Germany. Photo: Sean Gallup/Getty Images
The logo of Johnson Controls stands over its production plant in Hanover, Germany. Photo: Sean Gallup/Getty Images
John Mulligan

John Mulligan

Cork-headquartered multinational Johnson Controls has remained tight-lipped over the potential fate of up to 300 workers it has in the city as it considers strategic options for its Power Solutions division.

The unit makes batteries and energy storage solutions for all types of vehicles.

The multinational - which in 2016 paid $16bn to buy Tyco - also operates in sectors such as energy efficiency, and fire and security.

Johnson Controls describes itself as the "clear global leader" in providing battery solutions to the automotive sector.

It said the platform is "well-positioned" but that its power solutions and buildings technology units are "navigating markedly different industry landscapes, with unique strategic, financial and operational opportunities and requirements".

"Creating shareholder value is our top priority," said Johnson Controls CEO and chairman, George Oliver.

"Given the differing dynamics of the platforms, we are evaluating strategic alternatives for Power Solutions."

He added that the impact of recent US tax reform is also a determinant for the division's future, and the aim of the review is to secure the "best long-term results for the business".

A spokesman declined to speculate as to what impact the review might have on the Cork operation.

Irish Independent

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