Friday, March 27, 2009

Johnson Controls restructures

Restructuring details:
-Approximately 80% cash; 20% non-cash.
-Includes workforce reductions and closure of 10 manufacturing plants.
-80% of charges associated with the Automotive Experience business.
-Initiatives expected to be completed in 2010.
-Expected payback of 1.5 years.

The dollar bin, speculative corner plays on JCI's weakness this morning are Lear (LEA 1.10) and Tenneco (TEN 2.29).

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