Johnson Controls to cut up to 3,000 jobs
Johnson Controls said the job cuts represent about 2.5 percent of its total workforce and would deliver up to $250 million in annual cost savings. The company initiated a cost cutting program in July ahead of the spinoff of its $22 billion automotive experience business by 2016.
The spinoff will allow the company to focus on its higher-margin building efficiency and automotive battery operations.
The building efficiency business makes heating, ventilating and air conditioning systems and had $14.16 billion in sales last year, while automotive batteries accounted for $6.63 billion of sales. ■