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JCI confirms potential HVAC asset sale

IRELAND: Johnson Controls International has confirmed that it is in the early stages of “pursuing strategic alternatives” for its non-commercial product lines.

In a first quarter earnings conference call on Tuesday, chairman and CEO George Oliver said: “As part of the continuous evaluation of our portfolio, we are in the early stages of pursuing strategic alternatives of our non-commercial product lines in line with our objective to maximise value for our shareholders.”

He would not be drawn into exact details or engage with rumours that surfaced at the end of last week suggesting that the company was exploring the sale of its HVAC businesses, or at least parts of York International, Air Distribution Technologies or its stake in its Hitachi joint venture.

“As part of the continuous evaluation of our portfolio, we are in the early stages of pursuing strategic alternatives of our non commercial product lines in line with our objective to maximise value for our shareholders,” Oliver said.

“When you look at the the non-commercial product lines, they’re excellent businesses, but are they consistent with the going forward strategy over the longer term?

“These are good businesses and there’s an opportunity with these businesses now to be able to create even more value for our shareholders as we look at the alternatives.”

The sale of its residential, non-commercial assets would represent around 25% of Johnson Controls’ business.

The company reported revenue for the first quarter of 2024 at about $6.1bn.

Related stories:

Johnson Controls to sell HVAC businesses?27 January 2024
IRELAND: Johnson Controls is rumoured to be exploring the sale of its HVAC businesses, which could include York International, Air Distribution Technologies and its stake in its Hitachi joint venture. Read more…

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