Johnson Controls Moves To Dissolve Saft Joint Venture

Johnson Controls, Inc., JCI today took legal action in the Delaware Chancery Court to dissolve the Johnson Controls-Saft joint venture. The joint venture was formed in 2006 to develop and manufacture lithium-ion motive battery solutions. "Johnson Controls and Saft have a fundamental disagreement about the future direction and appropriate scope of the joint venture," said Alex Molinaroli, president, Johnson Controls Power Solutions. "The industry is evolving rapidly and the investments needed to achieve market leadership require us to do more than the joint venture has done or can do."