Johnson Controls plans 4th.-qtr. restructuring
Oct 23, 2012 | 03:25 PM
| Daniel Fitzgerald
Tags
Johnson Controls,
JCI,
battery recycling,
lead battery manufacturer,
restructuring,
plant closures,
Daniel Fitzgerald
NEW YORK — Johnson Controls Inc. (JCI) has announced that it will undertake "restructuring actions" this quarter including "workforce reductions and plant consolidations" in its automotive experience, building efficiency and power solutions divisions.
The Milwaukee-based company said that the restructuring will result in an estimated pre-tax charge of $225 million to $275 million for the quarter.
"The charge is comprised of employee-related costs of approximately $180 to $210 million, asset impairment charges of approximately $30 million to $45 million and other miscellaneous costs of approximately $15 million to $20 million. Future cash expenditures for these restructuring actions are expected to approximate $190 million to $220 million," the company said.....
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