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JCI works to reduce auto dependence

Keywords: Tags  Johnson Controls, JCI, Alex Molinaroli, batteries, automotive, Nathan Laliberte

NEW YORK — Johnson Controls Inc. (JCI) has forecast a 3-percent increase in net sales in fiscal 2014 as the company looks to rebalance its portfolio of businesses in an effort to lessen dependence on the automotive sector.

Milwaukee-based JCI expects to post earnings of between $3.15 and $3.30 per share for the year ending Sept. 30 on sales of $43.8 billion.

"Over the long term, we have a clear vision for our portfolio and our ability to improve profitability," chief executive officer Alex Molinaroli said in a statement. "We are committed to disciplined capital allocation, and our strong balance sheet gives us the capacity to continue investing in our businesses while meaningfully increasing the cash we return to our shareholders."

Active strategic and financial portfolio management is important to staying competitive in an increasingly global marketplace, he said. "This involves expectations of both acquisitions and divestitures, using rigorous assessments of what are the best financial cases and where we believe we can win."

JCI makes vehicle interiors and batteries as well as heating, cooling and ventilation systems for buildings.

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