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Johnson Controls to cut jobs, close 10 plants
Johnson Controls says it will cut jobs and close 10 plants as part of a restructuring effort that will cost between $200 million and $215 million.
The Milwaukee-based maker of auto parts and building systems did not say how many employees will be affected or which plants will close. It says it will take the charge in its fiscal second quarter ending this month. The company expects to finish the restructuring in 2010.
The company says most of the actions will affect its auto parts supply business. The efforts are meant to cope with widespread cuts to global vehicle production. Johnson Controls Inc. expects to return to profitability by the second half of its fiscal year.
The company does not currently foresee further restructuring activities.
Company representatives were not immediately available for comment.
The Milwaukee-based maker of auto parts and building systems did not say how many employees will be affected or which plants will close. It says it will take the charge in its fiscal second quarter ending this month. The company expects to finish the restructuring in 2010.
The company says most of the actions will affect its auto parts supply business. The efforts are meant to cope with widespread cuts to global vehicle production. Johnson Controls Inc. expects to return to profitability by the second half of its fiscal year.
The company does not currently foresee further restructuring activities.
Company representatives were not immediately available for comment.