GLENADLE, WI (WTAQ) – Johnson Controls of suburban Milwaukee is the world’s largest maker of car seats — but it might not be in that business much longer.
The firm said Wednesday morning it’s considering alternatives to break away from the car seat business — including a sale or a spinoff.
Chairman Alex Molinaroli said the business is doing well. But he said its growth could be held back, because the firm does not plan to invest enough resources in it during the next 5 years. And by dropping the car seat business, Molinaroli said Johnson could invest more in its remaining operations.
Johnson Controls said it would expand its auto battery business — including its groundbreaking energy storage batteries. The firm also said it would expand its product lines for heating and cooling controls for larger buildings.
Johnson Controls is still Wisconsin’s largest company by sales, even though it’s been selling smaller chunks of its business in recent months.
If the car seat business is sold, the Milwaukee Journal Sentinel said Johnson Controls’ other operations would account for only $17 billion of the $43 billion in revenues it had last year.
That total would drop Johnson Controls to 4th place among Wisconsin corporations in sales behind Northwestern Mutual Life Insurance, Manpower, and Kohl’s Department Stores.
(Story courtesy of Wheeler News Service)
