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Johnson Controls International’s (NYSE:JCI) efforts to sell some of its heating and ventilation assets valued at more than $6 billion have attracted industrial companies such as Robert Bosch, Lennox International (NYSE:LII) and Samsung Electronics (OTCPK:SSNLF), Reuters reported, citing people familiar with the matter.
The offer from Johnson Controls (JCI) includes its residential and light-commercial businesses, including a U.S. business and a 60% interest in Johnson Controls-Hitachi Air Conditioning, a joint venture with the Japanese conglomerate.
Other bidders may appear and a possible deal is months away. Johnson Controls’ (JCI) brands include Luxaire, Coleman and York.
“As we continue to focus on simplifying the company, we are always assessing opportunities to advance our transformation into a comprehensive solutions provider for commercial buildings,” Johnson Controls (JCI) said in a statement that echoed earlier comments in a regularly scheduled call with investors. “As part of the continuous evaluation of our portfolio, we are in the early stages of pursuing strategic alternatives of our noncommercial product lines in line with our objective to maximize value to our shareholders.”
Shares of Johnson Controls (JCI) have gained 8.3% in the past 12 months, compared with a 33% gain for the Standard & Poor’s 500 stock index (SP500). The company’s market value is about $43 billion.
