Johnson Controls Sets Effect of GM Strike
8 July 1998
Johnson Controls Sets Effect of GM StrikeMILWAUKEE, July 7 -- Johnson Controls, Inc. said today that the North American General Motors strike reduced its earnings by $.10 per diluted share for the quarter ended June 30, 1998. The Company explained that the strike had impacted production of complete seats, seating components and other interior systems for General Motors domestically produced vehicles. Approximately 1,600 Johnson Controls employees were put on temporary layoff due to the GM work stoppage. Johnson Controls is a global market leader in automotive systems and building controls. Through its Automotive Systems Group, it supplies seating systems, interior systems and batteries. The Controls Group serves the nonresidential buildings market with control systems and services, and integrated facility management. Founded in 1885, it operates from more than 500 locations worldwide. Johnson Controls (JCI) securities are listed on the New York Stock Exchange. The Company has made forward-looking statements in this document that are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future risks and may include words such as "believes," "expects," "anticipates" or similar expressions. For those statements, the Company cautions that the numerous important factors discussed in the Company's Form 8-K (dated October 30, 1997) could affect the Company's actual results and could cause its actual consolidated results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, the Company.