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Can a Power-Less Johnson Controls Unlock Shareholder Value?

Brian Bernard, CFA, CPA (brian.bernard@morningstar.com)

 Johnson Controls  JCI announced in March that it is exploring strategic alternatives for its power solutions business. Power solutions is the leading global manufacturer of automotive lead-acid batteries, having shipped approximately 154 million of them in 2017. When we first considered the possibility of power solutions' divestiture, we had mixed feelings.