The ratings on Milwaukee, Wis.-based Johnson Controls Inc. (JCI) reflect its top global market positions, as all of its major businesses are among the top three in their respective markets. The ratings also reflect the company's good business diversity, its consistently solid profitability despite very challenging industry conditions, and its moderate financial policies. JCI is one of the world's largest providers of automotive interior components (59% of revenue), automotive batteries (11%), and building control systems and heating, ventilation, and air-conditioning (HVAC) equipment (30%). The bulk of the company's automotive interior revenue comes from the original equipment segment, where business conditions are very challenging because of high raw-material prices, intense global competition, cyclical demand, and shifting customer market shares. These industry...
Companies mentioned in this report are: Johnson Controls Inc.
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