US: JCI closing 10 more plants as profit beckons
Vehicle interior and battery specialist Johnson Controls on Friday said it would book an additional pre-tax restructuring charge of US$200-$215m for its fiscal 2009 second quarter but expected a return to profitability in its third and fourth quarters with its interiors business expected to break even by the end of the fiscal year. The restructuring includes unspecified workforce reductions and the closure of 10 manufacturing plants expected to be completed in 2010 with a planned payback of 1.5 years.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-auto gives its paid members access to the very best automotive market coverage.
And now there’s just-auto plus, our premium membership that gives you exclusive component forecast data, company profiles and extended news coverage - just for premium members.
Today I can offer you 30 days access for $1 - and that includes just-auto plus.
Dave Leggett, editor of just-auto
* plus VAT if applicable