Johnson Controls is divesting GWS to focus on the portions of its business that will drive long-term growth.
"The global facilities management outsourcing market is very healthy and continues to grow," said Alex Molinaroli, chairman and chief executive officer. "GWS is a strong business and a leader in its market with tremendous potential to grow. As we've focused on it this past year to understand what is needed to win long-term, it is clear that GWS is really an exclusively service-based business and not core to our manufacturing, engineering and product-based portfolio. This is a win-win all around."
Bank of America Merrill Lynch has been secured as exclusive financial advisor in the divestiture. Johnson Controls is currently identifying buyers.
Global Workplace Solutions has been part of the company for more than two decades, and currently provides services for more than 1.8 billion square feet of corporate real estate. The business and Johnson Controls will continue to work together as supplier and customer.
"We have a strong reputation in the market, an incredibly talented team of employees, and a portfolio of long-standing high-quality clients," said John Murphy, vice president and president, Johnson Controls Global Workplace Solutions. "Our business has only just begun to realize its full potential. With a new owner we will have access to the capital and resources required to continue to strengthen our business and be a formidable force in the market."