NEW YORK (TheStreet) -- Johnson Controls (JCI) announced its intention to sell its global workplace solutions business as part of the company's plan to invest in businesses that "are core to its long-term growth strategy and multi-industrial portfolio."
Johnson Controls, a company that manufactures, installs, and services automatic temperature regulation systems for buildings, said it believes the GWS is a "strong business" and a market leader. But Johnson determined it is not core to its manufacturing, engineering, and product-based portfolio after spending a year focusing on the business.
The company did not disclose its asking price for the business.
Shares of Johnson Controls are lower by 0.61% to $44.11 in mid-morning trading on Tuesday.
Separately, TheStreet Ratings team rates JOHNSON CONTROLS INC as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate JOHNSON CONTROLS INC (JCI) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."