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Wednesday, March 6, 2013

Johnson Controls explores auto electronics unit sale, (NYSE: JCI)

Johnson Controls Inc is exploring a potential sale of its automotive electronics business, but has no "current intention" to sell its automotive interiors unit, the company said on Wednesday.Johnson Controls, the largest U.S. auto supplier with sales of $5.5 billion in car interiors and electronics for fiscal 2012, has grappled with industry-wide pressure on margins, low vehicle production in Europe and increased competition from China.A successful sale of the electronics division would leave Johnson Controls with four other major business: automotive seating, automotive interiors, building controls and car batteries.Johnson Controls' automotive electronics had sales of $1.4 billion in fiscal 2012, representing a quarter of the revenues in the company's interiors and electronics division.

Johnson Controls, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI traded higher by 2.58% or $0.82/share to $32.63. In the past year, the shares have traded as low as $23.37 and as high as $33.26. On average, 4647150 shares of JCI exchange hands on a given day and today's volume is recorded at 30275176.