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Quotes & Info
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| JCI > SEC Filings for JCI > Form 8-K on 31-Mar-2009 | All Recent SEC Filings |
31-Mar-2009
Costs Associated with Exit or Disposal Activities, Financial Statements and
On March 27, 2009, Johnson Controls, Inc. (the "Company") issued a press release announcing plans to initiate restructuring activities to further align its cost structure with global automotive market conditions. Approximately 80% of the charges are associated with the automotive experience business. The automotive experience restructuring actions target excess manufacturing capacity resulting from lower industry production in the European, North American and Japanese automotive markets. Initiatives in the Company's power solutions business are focused on optimizing manufacturing capacity. The actions reflect lower overall demand for original equipment batteries resulting from lower vehicle production levels. These restructuring initiatives are expected to be completed in fiscal 2010.
Total estimated costs associated with this action amount to approximately $200 to $215 million on a pre-tax basis in its fiscal 2009 second quarter and includes workforce reductions and closure of 10 manufacturing plants. The restructuring charge is comprised of employee related costs of approximately $160 to $165 million, asset impairment charges of approximately $35 to $40 million and other miscellaneous costs of approximately $5 to $10 million. Future cash expenditures for these restructuring actions are expected to be approximately $165 to $175 million.
(d) Exhibits:
(99) Press release issued by Johnson Controls, Inc., dated March 27, 2009.
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