-- Activist investor Elliott Investment Management has built a large position in industrial giant Johnson Controls International Plc, whose performance has lagged its peers, according to people familiar with the matter.The hedge fund’s position is worth more than $1 billion, putting it among the top 10 investors of the company, the people said, asking not to be identified discussing private information.
The company, incorporated in Ireland and with main offices in Milwaukee, is led by Chief Executive Officer George Oliver, who was CEO of Tyco International before it combined with Johnson Controls in 2016. Since 2020, Johnson Controls has seen senior executive turnovers including for chief financial officer. Marc Vandiepenbeeck was appointed to the role this year.
The company is in the process of selling heating and ventilation assets worth about $5 billion that have drawn interest from Lennox and Robert Bosch GmbH, Bloomberg News reported in March. Johnson Controls is also weighing the sale of its ADT alarms unit, Reuters has reported. The stock market's bull rally could last another 5 years, but it'll end in a 'spectacular bursting of a bubble,' veteran tech investor Gene Munster says
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