The company is also considering a possible sale of the majority of its Air Distribution Technologies business, which it bought for $1.6 billion in 2014, the Bloomberg report said.

George Oliver, the Johnson Controls chairman and CEO, alluded to the possibilities in a Jan. 30 statement about the company’s earnings in the last quarter of 2023, which was the first quarter of the company’s 2024 fiscal year.

The company followed up Thursday with a statement to The NEWS that read, in part:

“We have been transforming the company into a comprehensive solutions provider for commercial buildings. As part of this transformation, we are in the early stages of a strategic review of our non-commercial product businesses. We remain excited about our future and are confident we are on the right path to simplify our portfolio, drive margin expansion, and deliver consistent cash flow while serving our customers in the best way possible.”

Johnson Controls reported quarterly sales of $6.1 billion, saying sales were flat compared to the prior year on an as-reported basis and saw an organic decline of 1%.

"Our value proposition of making buildings smarter, healthier, and more sustainable is resonating with our customers and translating into record backlog,” Oliver said. “After managing through a temporary cyber disruption and the seasonality of the first quarter, we are entering the new calendar year with accelerating momentum."

Oliver also said that Marc Vandiepenbeeck had been appointed CFO.