Important business update
Dear colleagues,
Today we are announcing that senior management and the Board have made the decision to pursue strategic options for our Automotive Seating business. This is consistent with our multi-industrial strategy and the moves we’ve taken over the past few years to diversify our portfolio with less reliance on the automotive sector and greater emphasis on more profitable platforms for growth that are aligned with our enterprise capabilities and where Johnson Controls can win.
I want to stress that we have a great automotive business. I am proud of our people and the enduring performance of the team. Automotive Experience is a well-performing, strategically positioned business that will be attractive to many different potential owners or partners, or as an independent company. However, in recent years we have reallocated capital to invest in our multi-industrial strategy and thus limited AE’s ability to make strategic growth investments. This is a good time to explore alternatives given the market is strong and the business is well positioned with growth opportunities ahead.
We are making a public announcement in an effort to remain transparent with our customers, shareholders and employees while we explore the range of strategic opportunities that may be available to us. There is not a predetermined outcome, and no decisions have been made on a specific path. We are open to all possible outcomes and will take the appropriate time needed to ensure we find the optimal, value-maximizing conclusion.
I am very proud of the performance of our Automotive Experience business and the commitment of the automotive team to consistently deliver on expectations. While I understand the significance of today’s announcement, I ask that you stay focused on your priorities. I am committed to keeping you informed as decisions are made in the days and months ahead.
Sincerely,
Alex Molinaroli
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Important business updateDear colleagues,Today we are announcing that senior management and the Board have made the decision to pursue strategic options for our Automotive Seating business. This is consistent with our multi-industrial strategy and the moves we’ve taken over the past few years to diversify our portfolio with less reliance on the automotive sector and greater emphasis on more profitable platforms for growth that are aligned with our enterprise capabilities and where Johnson Controls can win.I want to stress that we have a great automotive business. I am proud of our people and the enduring performance of the team. Automotive Experience is a well-performing, strategically positioned business that will be attractive to many different potential owners or partners, or as an independent company. However, in recent years we have reallocated capital to invest in our multi-industrial strategy and thus limited AE’s ability to make strategic growth investments. This is a good time to explore alternatives given the market is strong and the business is well positioned with growth opportunities ahead.We are making a public announcement in an effort to remain transparent with our customers, shareholders and employees while we explore the range of strategic opportunities that may be available to us. There is not a predetermined outcome, and no decisions have been made on a specific path. We are open to all possible outcomes and will take the appropriate time needed to ensure we find the optimal, value-maximizing conclusion.I am very proud of the performance of our Automotive Experience business and the commitment of the automotive team to consistently deliver on expectations. While I understand the significance of today’s announcement, I ask that you stay focused on your priorities. I am committed to keeping you informed as decisions are made in the days and months ahead.Sincerely,Alex MolinaroliLike
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