Johnson Controls restructures
-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).
TEN closed at 7 today! As advertised! And LEA, now at 1.92, up 80% from 1.10 is now ready to make an outsized move that I'll be able to advertise next!
JCI was 12 when I first touted it. I got punchy, and sold it at 17, but I kept these numbers in my pocket as a saver.