Johnson Controls to Divest Global Workplace Solutions Business
Continuing to reorganize its business, Johnson Controls intends to divest its Global Workplace Solutions (GWS) business, which provides facilities and energy management along with real estate management. It has been part of Johnson Controls’ portfolio for more than 20 years, and currently manages more than 1.8 billion square feet of corporate real estate.
Johnson Controls has retained Bank of America Merrill Lynch as exclusive financial advisor to assist in the initiative. The company says it will know more about timing after it identifies potential buyers.
Alex Molinaroli, chairman and CEO of Johnson Controls, said “As we’ve focused on it this past year to understand what is needed to win long-term, it is clear that GWS is really an exclusively service-based business and not core to our manufacturing, engineering and product-based portfolio.”
Johnson Controls says that even after its divesture, the GWS business will continue to be a close partner to Johnson Controls as both a supplier and a customer.
A spokesman for the company said, “We still have our Building Efficiency Business.” That business provides equipment, controls and services for heating, ventilating, air-conditioning, refrigeration and security systems.
Johnson Controls announced two weeks ago that it was separating its Building Efficiency Business into two groups: 1) the North America branch business and 2) the global products business.
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