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Newspaper
Holland Sentinel
Location
Holland, Michigan, United States of America
Date
Jul 19, 2013
Page
4
Johnson Controls reports third quarter fiscal 2013 net income of 571 million dollars up 32 percent with revenues at 10.8 billion and diluted EPS at 83 cents. Cash flow enabled over 550 million dollars in net debt reduction as all three segments improve profitability.
Gentex Corp plans to buy Johnson Controls HomeLink business for 700 million dollars. The acquisition includes HomeLink assets intellectual property testing facilities and staff and is slated to close around September 30. Gentex projects annual revenue lift of 125 to 150 million after full integration.
Detroit filed for Chapter 9 protection becoming the largest U.S. city to seek bankruptcy, with emergency manager Kevyn Orr leading the move. The city has seen steep population and tax-base declines, shedding residents from 1.8 million in the 1950s to about 700,000, straining payroll and services as it faces potential asset liquidation to satisfy creditors.
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