JCI Bids Adieu

Johnson Controls, Inc. filed to dissolve a five-year-old joint venture with French battery maker Saft Group SA, which opposes the dissolution even though it lost $24 million from its 49% stake in the joint venture that manufactured lithium ion batteries for the automotive industry. Johnson claimed fundamental disagreements with Saft over future direction of joint venture, but noted that ending the joint venture will not affect existing contracts.