Johnson Controls Inc said on Tuesday that it will curtail its large automotive interiors business, which lost money in the most recent quarter, and focus under its new chief executive on the company's faster-growing segments.Milwaukee-based JCI said it would "explore strategic options" for its automotive interiors business, which Chief Executive Alex Molinaroli said will not be eliminated.Wall Street cheered the move, driving JCI's stock up as much as 7 percent to a 12-month high of $45.70. In afternoon trading on the New York Stock Exchange, JCI shares were trading at $44.97, up 5 percent.Its automotive interiors business lost $13 million on total sales of $4.2 billion in JCI's fiscal year 2013, JCI said in its earnings report. Automotive interiors' revenue represented 10 percent of JCI's yearly sales.
Johnson Controls, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI traded higher by 5.21% or $2.23/share to $45.05. In the past year, the shares have traded as low as $24.75 and as high as $42.79. On average, 3717870 shares of JCI exchange hands on a given day and today's volume is recorded at 8954837.
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