Johnson Controls International has confirmed that it is in the early stages of exploring “strategic options” for its non-commercial product lines. During the company’s Q1 2024 earnings call, Chairman and CEO George Oliver stated, “As part of our ongoing portfolio review, we are in the early stages of exploring strategic alternatives for our non-commercial product lines, with the goal of maximizing shareholder value.”
Oliver did not provide specifics regarding recent speculation that the company may be considering a sale of its HVAC business or partial divestment of its stakes in ventures such as York International, Air Distribution Technologies, or Hitachi joint operations.
Addressing questions about the future of these business lines, Oliver noted, “These are good businesses, but we are evaluating whether they align with our long-term strategy. There are opportunities to create additional shareholder value through them,” underscoring the importance of considering all options.
A potential divestment of Johnson Controls’ residential and non-commercial assets would represent around 25% of its business.
The company reported approximately $6.1 billion in revenue for Q1 2024. This strategic review may support Johnson Controls’ increasing focus on its OpenBlue software platform, aimed at delivering “safe, healthy, sustainable smart buildings,” and may strengthen its commitment to long-term strategic and sustainability goals.
Johnson Controls Reports Solid Q1 Results; Updates FY24 Guidance
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