Summary: Johnson Controls Inc. May 04

Standard & Poors, May 2004

Abstract
The ratings reflect Johnson Controls Inc.'s top-three global market positions in all of its major businesses, good business diversity, consistently solid profitability, and moderate financial policy. Johnson Controls is one of the world's largest providers of automotive components and systems and building control devices. The automotive group accounts for about 75% of total company revenue. The company manufactures seat systems, interior components and systems, and batteries. The bulk of automotive revenue comes from the original equipment segment, where competition is intense, demand is cyclical, and a concentrated customer base exerts ongoing pricing pressure. The company's good geographic diversity, broad product line, and strong engineering capabilities somewhat offset these risks. Automotive production is expected to remain stable during 2004, which should...

Companies mentioned in this report are: Johnson Controls Inc.
Action: Review

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Johnson Controls Inc.

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