MILWAUKEE (AP) — Auto parts maker Johnson Controls plans to cut 3,000 salaried employees from its global workforce over the next two years as part of a cost-reduction push.
The plans disclosed Friday would affect more than 2 percent of the Milwaukee company's workforce of 130,000. The company is trying to trim about $250 million in costs annually.
Johnson Controls has been winnowing its business this year. It said in July that it was spinning off an automotive business that makes seats and seating components, trim, foam and fabric. In March, it agreed to sell a business that manages spaces for corporations.
Johnson Controls still makes car batteries and building heating and air conditioning systems. It also runs a joint venture with Yanfeng Automotive Trim Systems that that makes instrument and door panels and floor consoles.
Shares of Johnson Controls Inc. fell 71 cents, or 1.7 percent, to $40.74 in morning trading Friday. Its shares are down about 15.5 percent so far this year.