logo
Plus   Neg
Share
Email

Johnson Controls Board Approves Addl. $8.5 Bln Stock Buyback Authorization

Johnson Controls International plc (JCI) said Thursday that its board of directors has approved an additional $8.5 billion share repurchase authorization, subject to the completion of the previously announced sale of the company's Power Solutions business.

Johnson Controls has received U.S. and European antitrust approvals relating to the sale and is targeting to close the transaction no later than June 30, 2019, subject to customary closing conditions and receipt of all required regulatory approvals.

"Today's announcement reflects our progress towards completing the sale of Power Solutions and our commitment to return capital to our shareholders. When completed, the sale of our Power Solutions business will streamline our portfolio and increase long-term shareholder value by creating a pure-play buildings technology and solutions provider focused on execution and increasing financial flexibility," said chairman and CEO George Oliver.

Johnson Controls noted that in implementing this share repurchase authorization, it may purchase shares in the open market or through a variety of methods as permitted by applicable securities laws and other legal requirements.

The stock repurchase authorization does not have a set expiration date and may be amended or terminated at any time at the company's discretion without prior notice.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Millennials and Generation Zs, or people aged between 18 to 34 year, pay more for car repairs, according to a new survey. The average American spent $1,986 over the past five years on vehicle repairs and maintenance, according to a survey by Ally Financial conducted by Harris Poll. However, among... Gap Inc.'s (GPS) Old Navy brand announced plans to open 800 new stores as part of its upcoming split from its parent company. "We'll almost double our fleet to 2,000 stores in North America, predominantly in under-served small markets," Old Navy CEO Sonia Syngal said. The company said the plan was... Google has launched a new website called 'Recover Together,' a resource intended to help people recover from addiction or substance use disorder. The new service was launched by the search giant in recognition of the National Recovery Month in September. Google noted that more than 23 million Americans are recovering from addiction, while 20 million are still struggling to seek treatment.
Follow RTT