Johnson Controls has paid consecutive dividends since 1887.

The company also announced the election of Brian Stief as a corporate officer. Stief joins Johnson Controls as Vice President, Corporate Controller, reporting to R. Bruce McDonald, Executive Vice President and Chief Financial Officer.  His primary responsibilities will include global finance functions, financial planning and analysis, corporate taxation and other special projects.  Stief will also become a member of the Global Leadership Council and will work closely with the Johnson Controls business units, providing support to those senior leadership teams on strategic initiatives, including merger and acquisition opportunities. He succeeds Susan M. Kreh, who was named vice president, finance for the Power Solutions business of the company in late 2009.

“We are delighted to have Brian join our senior leadership team.  He brings strong strategic and financial leadership to Johnson Controls, with over 30 years of experience in working with large, multinational publicly-traded companies,” noted McDonald. “His extensive financial background and deep understanding of the industries in which we operate, are important additions to our leadership team.”

Prior to joining Johnson Controls, Stief was a partner with PricewaterhouseCoopers, where he joined in 1979 and was admitted to the partnership in 1989. During his career at PricewaterhouseCoopers, he primarily served the firm’s largest clients such as Caterpillar Inc., Johnson Controls and SABMiller and also held various office managing partner roles.

A graduate of the University of Iowa, Stief holds a bachelor’s of business administration in finance and accounting from the University of Iowa. Over the years, he has been an active member in the Milwaukee community, serving on the Board of Directors of the United Performing Arts Fund, the Junior Achievement Board of Directors, the U.S. Bank Championship Board of Directors, and the Greater Milwaukee Committee.

Highlights for the company’s third quarter of 2010 include:

• Net sales of $8.5 billion vs. $7.0 billion in Q3 2009, up 22%
• Income from business segments of $496 million compared with $282 million a year ago, up 76%
• Net income of $418 million vs. $163 million in Q3 2009
• Diluted earnings per share of $0.61 vs. $0.26 last year    

The 2010 quarter includes a non-cash tax benefit of $51 million, or $0.07 per share. The 2009 quarter included a non-cash tax benefit of $9 million, or $0.01 per share.  Excluding these non-recurring items, net income in the current quarter was $367 million or $0.54 per share, while net income in the prior year quarter was $154 million or $0.25 per share.  The company said it believes that using the adjusted numbers provide a more meaningful comparison of its underlying operating performance.

The company said that the quarter was negatively impacted by approximately $0.03 per share due to both the weaker Euro and a non-cash impairment charge in its automotive business in Japan.

“We are pleased with our third quarter results. We capitalized on the recovery in several of our markets, leveraging our market leadership and improved cost structure to gain share and improve profitability,” said Stephen A. Roell, Johnson Controls Chairman and Chief Executive Officer. “Sales in our automotive and power businesses grew at a double-digit pace, and our Building Efficiency business generated top-line growth for the first time in more than a year. In addition, the Building Efficiency order rate increased 9%, nearly double the pace of the second quarter, which exceeded our expectations.”

Mr. Roell said the current market environment has presented opportunities for growth investments.

“To support our growth strategies in Asia, we will purchase the remaining shares of our Korean Power Solutions joint venture,”  Mr. Roell said. “We also made an equity investment in Tachi-S to enable greater collaboration with this important automotive seating and interiors supplier and to ultimately expand our relationships with Asian automakers. Additionally, we continue to accelerate our investments in Power Solutions manufacturing capacity and vertical integration. In Building Efficiency, increased investments are focused on significantly increasing our service sales and delivery capabilities, especially in the areas of clean technologies and energy efficiency.”

Automotive Experience sales in the quarter increased 43% to $4.2 billion versus $3.0 billion last year due primarily to higher production volumes and new program launches. North American revenues increased 76% to $1.7 billion from $1.0 billion last year, while European sales were up 19% to $2.0 billion from $1.7 billion in the 2009 quarter. Sales in Asia increased to $440 million from $262 million in 2009. China revenues, which are mostly generated through unconsolidated joint ventures, rose 40% to $774 million compared with $553 million a year ago. Johnson Controls has a 45% share of the Chinese automotive seating market and is launching multiple new interiors programs over the next three years.

Automotive Experience reported segment income of $171 million in the current quarter, compared with a loss of $14 million last year due to higher volumes, operational efficiencies and higher profitability of its automotive joint ventures. The North America segment margin of 5.6% reflects the increased production volumes and benefits of cost reduction initiatives. Asia segment margin, including the non-consolidated joint ventures in China, was 5.7%. Europe segment margin was 2.4%, lower than other geographic regions due to the magnitude of new program launches. The company said it expected launch costs in Europe to continue at a heightened level through 2011.

Johnson Controls increased its forecast for North American auto production in its 2010 fiscal year to 11.4 million units (vs. previous estimate of 10.9 million units). The company’s production assumption for Europe is unchanged at 16.7 million units.

Power Solutions sales in the third quarter of 2010 increased 30% to $1.1 billion from $0.9 billion last year reflecting higher aftermarket and original equipment unit shipments as well as the impact of higher lead prices.  Excluding the lead impact, sales increased 16%.  Aftermarket unit shipments increased 9%, including the initial incremental volume associated with the award of all of Walmart’s automotive battery business, which began shipping in June.   Higher global automotive production resulted in a 36% increase in original equipment battery shipments.

Power Solutions segment income was up 27% to $135 million versus $106 million in the third quarter of 2009. The higher income is primarily the result of the higher volumes and non-recurring charges incurred in the prior year.

Johnson Controls has accelerated investments to expand lead acid battery production capacity in China where it expects to add a new manufacturing plant annually for the next few years. In addition, the construction of a new lead recycling facility in Mexico is nearing completion. Initial production is expected to launch in the fiscal 2011 first quarter, ramping to full production over the course of the year. The company said its plans to build a  recycling facility in the United States are progressing as expected, with an expected launch of production in mid-2012.   Upon completion of these facilities, Johnson Controls expects to be able to internally recycle more than 50% of its lead requirements versus 15% today.

The company said that in conjunction with Volkswagen, it introduced a new technology innovation for absorbent glass mat (AGM) lead-acid batteries that improves performance and life in high heat environments.  The AGM batteries are designed specifically for Start-Stop vehicles.   Industry forecasts predict that more than 60 percent of vehicles made in Europe by mid-decade will feature Start-Stop technology.  Due to the increasing consumer demand, Johnson Controls is expanding its AGM manufacturing capacity in Europe by nearly 70%.  Johnson Controls currently supplies approximately 70% of the AGM original equipment batteries in Europe and supplies replacement batteries to the aftermarket under the VARTA™ Start-Stop brand.

Building Efficiency sales in the 2010 third quarter were $3.2 billion, up 2% compared with last year. Higher Global Workplace Solutions, Rest of World and residential HVAC sales more than offset declines in Europe and North America. Johnson Controls reported that its third quarter orders increased by 9% globally. Sequentially, the order rate was significantly higher than the 5% order increase reported for second quarter of 2010. The backlog of uncompleted contracts in the 2010 third quarter was up 1% to $4.4 billion. This represents the third sequential quarterly improvement in the backlog and the first positive year-over-year backlog number since March 2009.

Building Efficiency reported segment income of $190 million, level with the 2009 quarter. Strong double-digit income improvements in North America Systems, Rest of World, Global Workplace Solutions and residential HVAC segments were offset by lower results in Europe and North America Service.   North America Service income declined 66%, due to the continued revenue softness in discretionary project work and the final costs associated with its NexGen service technology deployment.

Johnson Controls updated its financial guidance for 2010:

• Net sales expectation unchanged at $33.5 billion (up 18%), with a revised Euro assumption of $1.30 versus the prior Euro assumption of $1.35.
• Earnings for the 2010 fiscal year are now expected to approximate $1.95 per diluted share. The company had previously guided to $1.90 – $1.95 per diluted share.  Johnson Controls said that higher automotive production estimates will be partially offset by the negative impact of the lower Euro.

The company will provide a detailed review of its fiscal year 2011 market expectations and growth strategies at its annual analyst day in New York on October 12, 2010.

“As we enter the final quarter of our fiscal year, automotive production forecasts along with the higher buildings order rate and backlog support our expectations for continued improvements in sales and income,” said Mr. Roell. “We will continue to use our strong balance sheet and cash flows to make strategic investments that will help us further outpace the growth rates of our markets. We believe we are positioned to deliver sustainable, profitable growth.”  

About Johnson Controls

Johnson Controls is a global diversified technology and industrial leader serving customers in over 150 countries. Our 130,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful.

Forward Looking Statement

Johnson Controls, Inc. (”the Company”) has made forward-looking statements in this presentation pertaining to its financial results for fiscal 2010 and beyond that are based on preliminary data and are subject to risks and uncertainties. All statements other than statements of historical fact are statements that are or could be deemed forward-looking statements and included terms such as “outlook,” “expectations,” “estimates,” or “forecasts.” For those statements, the Company cautions that numerous important factors, such as automotive vehicle production levels, mix and schedules, energy prices, the strength of the U.S. or other economies, currency exchange rates, cancellation of or changes to commercial contracts, changes in the levels or timing of investments in commercial buildings, the ability to execute on restructuring actions according to anticipated timelines and costs as well as other factors discussed in Item 1A of Part I of the Company’s most recent Form 10-k filing (filed November 24, 2009) could affect the Company’s actual results and could cause its actual consolidated results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, the Company.

*    Metric not meaningful

(1) Management evaluates the performance of the segments based primarily on segment income, which represents income from continuing operations before income taxes and noncontrolling interests, excluding net financing charges and restructuring costs.

Building efficiency – Provides facility systems and services including comfort, energy and security management for the non-residential buildings market and provides heating, ventilating, and air conditioning products and services for the residential and non-residential building markets.

Automotive experience – Designs and manufactures interior systems and products for passenger cars and light trucks, including vans, pick-up trucks and sport/crossover utility vehicles.

Power solutions –  Services both automotive original equipment manufacturers and the battery aftermarket by providing advanced battery technology, coupled with systems engineering, marketing and service expertise.

2. Restructuring Costs

As part of its continuing efforts to reduce costs and improve the efficiency of its global operations, the Company announced a restructuring plan in the second quarter of fiscal year 2009 and recorded a $230 million restructuring charge.  This restructuring charge included a $46 million impairment charge of which $25 million related to the North America automotive experience segment, $16 million related to the Asia automotive experience segment and $5 million related to the Europe automotive experience segment.

The restructuring charge relates to cost reduction initiatives in its automotive experience, building efficiency and power solutions businesses and includes workforce reductions and plant consolidations. The Company expects to substantially complete the initiatives in 2010. The automotive-related restructuring is in response to the fundamentals of the European, North American and Japanese automotive markets. The actions target reductions in the Company’s cost base by decreasing excess manufacturing capacity due to lower industry production and the continued movement of vehicle production to low-cost countries, especially in Europe. Power solutions’ actions are focused on optimizing its regional manufacturing capacity to reflect lower overall demand for original equipment batteries resulting from lower vehicle production levels.

3. Impairment Charges

The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable.  

At June 30, 2010, the Company recorded a $11 million impairment charge related to property, plant and equipment in the Asia automotive experience segment.  

At March 31, 2010, the Company recorded a $19 million impairment charge related to property, plant and equipment in the North America automotive experience segment as part of the Company’s revised restructuring actions.  This impairment charge was offset by a decrease in the Company’s restructuring reserve for $19 million due to lower employee severance and termination benefit cash payouts than previously calculated.  

At December 31, 2008, the Company recorded a $77 million and $33 million impairment charge related to property, plant and equipment in the automotive experience business in North America and Europe, respectively.  The impairment charges are included in cost of sales in the accompanying Condensed Consolidated Statements of Income.  At December 31, 2008, the Company also recorded a $152 million charge related to an impairment of an equity investment in a 48%-owned joint venture with US Airconditioning Distributors, Inc. in the Company’s building efficiency business.  This impairment charge is included in equity loss in the accompanying Condensed Consolidated Statements of Income.

4. Income Taxes

The Company’s annual estimated effective tax rate before consideration of discrete tax items for the year ending September 30, 2010 is 18 percent.  The effective tax rate inclusive of discrete tax items for the third quarter of fiscal 2010 is 6.8 percent, as compared to 23.0 percent for the third quarter of fiscal 2009.  The third quarter of fiscal 2010 reflects a $51 million ($.07/share) tax benefit related to the resolution of tax audits and a valuation allowance release and the third quarter of fiscal 2009 reflects a net $9 million ($.01/share) tax benefit.

5. Earnings per Share

The following table reconciles the numerators and denominators used to calculate basic and diluted earning per share (in millions):

Johnson Controls has paid consecutive dividends since 1887.

Johnson Controls (NYSE: JCI) is the global leader that brings ingenuity to the places where people live, work and travel. By integrating technologies, products and services, we create smart environments that redefine the relationships between people and their surroundings. Our team of 130,000 employees creates a more comfortable, safe and sustainable world through our products and services for more than 200 million vehicles, 12 million homes and one million commercial buildings. Our commitment to sustainability drives our environmental stewardship, good corporate citizenship in our workplaces and communities, and the products and services we provide to customers. For additional information, please visit http://www.johnsoncontrols.com/.

“We are pleased with our second quarter results. Our automotive and power solutions businesses are executing very well on the higher production levels in North America and Europe. The Building Efficiency business has started to see signs of recovery with global orders increasing by 5% on a year-over-year basis,” said Stephen A. Roell, Johnson Controls Chairman and Chief Executive Officer. “Globally our markets are improving, and each of the businesses generated significant margin improvements through our focus on cost and quality. I want to thank our employees for their dedication and commitment to our customers.”

Highlights for the company’s second quarter of 2010 include:

• Net sales of $8.3 billion vs. $6.3 billion in Q2 2009, up 32%
• Income from business segments of $427 million compared with a Q2 2009 loss of $119 million
• Net income of $274 million vs. a Q2 2009 loss of $193 million
• Earnings per share of $0.40 vs. a Q2 2009 loss of $0.33

The 2010 quarter includes a non-cash tax charge of $18 million, or $0.03 per diluted share, associated with the recent U.S. health care reform legislation. The 2009 quarter included restructuring charges and other non-recurring items which negatively impacted earnings per diluted share by $0.17.

Adjusting for the non-recurring items in both periods, the company’s results were as follows:

• Income from business segments of $427 million compared with a Q2 2009 loss of $113 million
• Net income of $292 million vs. a Q2 2009 loss of $97 million
• Earnings per share of $0.43 vs. a Q2 2009 loss of $0.16

The company said it believes that using the adjusted numbers provides a more meaningful comparison of its underlying operating performance.

Automotive Experience sales in the quarter increased 70% to $4.2 billion versus $2.4 billion last year due primarily to higher production volumes and new program launches in all geographic regions. North American revenues increased 85% to $1.6 billion from $0.9 billion last year, while European sales were up 57% to $2.1 billion from $1.3 billion in the 2009 quarter. Sales in Asia increased to $430 million from $224 million in 2009 while China revenues, which are mostly generated through unconsolidated joint ventures, rose 91%. Johnson Controls has a 45% share of the Chinese automotive seating market.

Automotive Experience reported segment income of $189 million in the current quarter, compared with a loss of $269 million (excluding non-recurring items) last year due to higher volumes, operational efficiencies and significantly higher profitability of its automotive joint ventures. The North America segment margin of 6.7% reflects the benefits of our restructuring activities and increased production volumes. Asia segment margin, including the non-consolidated joint ventures in China, was also 6.7%. European segment margin was 2.4%, lower than other geographic regions due to the magnitude of new product launches.

Automotive production levels continue to recover in both North America and Europe due to the continued replenishment of auto dealer inventories as well as increasing consumer demand. As a result, Johnson Controls increased its forecasts for North American and European auto production in its 2010 fiscal year to 10.9 million units and 16.7 million units, respectively.

Power Solutions sales in the second quarter of 2010 increased 30% to $1.2 billion from $0.9 billion last year reflecting higher aftermarket and original equipment unit shipments. Aftermarket unit sales increased 9% due to new customers and improved markets. The company noted that incremental volume associated with the award of all of WalMart’s automotive battery business is expected to commence in the company’s fourth fiscal quarter. Higher global automotive production and incremental volume from new customers resulted in a 44% increase in original equipment battery sales.

Power Solutions segment income was $134 million versus $66 million in the second quarter of 2009. The higher 2010 income is the result of the higher volumes as well as improved capacity utilization associated with the completion of restructuring activities.

The company is accelerating investments to expand lead acid battery production capacity in China. Due to rapid market expansion and share gains in the aftermarket sector, the company’s power business in China has the potential to be the size of its current European business within five years. Additionally, the construction of a new lead recycling facility in Mexico is proceeding as expected. The company also received one of the necessary permits related to construction of a lead recycling center in South Carolina. Increasing the in-house recycling of lead is expected to have a positive impact on margins over the next two years.

Building Efficiency sales in the 2010 second quarter were $3.0 billion, level with last year. Double-digit increases in Global Workplace Solutions sales and residential HVAC offset declines in Western Europe and North America. Johnson Controls reported that its second quarter orders increased by 5% globally and that its backlog of uncompleted contracts in the second quarter was $4.4 billion. The backlog was down 4% versus the previous year but improved versus the 2010 first quarter. In addition, the pipeline of potential new business was higher in the second quarter. The company saw increased demand in the educational, U.S. Federal government and energy efficiency solutions markets. Second quarter orders associated with the America Reinvestment and Recovery Act (ARRA) were $143 million. Johnson Controls noted that second quarter ARRA bookings were larger than the 2010 first quarter and fiscal 2009 bookings combined.

The Building Efficiency segment reported segment income of $104 million, up 16% compared to $90 million in 2009 with higher margins in all parts of the business except North American Service and Europe. Non-recurring charges in the 2010 quarter were comparable to those in the year-ago period.

Johnson Controls increased its earnings guidance for 2010:

• Net sales expectation increased to $33.5 billion (up 18%) versus previous guidance of $33 billion (up 16%), with the impact of higher automotive production partially offset by a revised Euro assumption of $1.35
• Segment margins for Automotive Experience increased to 3.1% – 3.3% from 2.0% – 2.2%. Power Solutions margins increased to 12.6% – 12.8%, previously 11.8% – 12.0%
• Earnings per share for the 2010 fiscal year are now expected to total $1.90 – $1.95 per diluted share compared to earlier guidance of $1.70 – $1.75 per diluted share
• Capital expenditures increased to $750 – $800 million from $700 – $750 million related to accelerated growth investments in Power Solutions
• Free cash flow increased by $100 million to $1.3 billion

“We continue to be encouraged by the steady improvement in the automotive industry and therefore have increased our earnings outlook for 2010,” Mr. Roell said. “In the first half of our fiscal year we have demonstrated the ability to capitalize on the higher production levels with strong execution occurring in all geographic regions. Strong cash flow from our operations has allowed us to accelerate our investments in growth initiatives across all of our businesses.”

Johnson Controls (NYSE: JCI) is the global leader that brings ingenuity to the places where people live, work and travel. By integrating technologies, products and services, we create smart environments that redefine the relationships between people and their surroundings. Our team of 130,000 employees creates a more comfortable, safe and sustainable world through our products and services for more than 200 million vehicles, 12 million homes and one million commercial buildings. Our commitment to sustainability drives our environmental stewardship, good corporate citizenship in our workplaces and communities, and the products and services we provide to customers. For additional information, please visit http://www.johnsoncontrols.com/.

Johnson Controls, Inc. (”the Company”) has made forward-looking statements in this presentation pertaining to its financial results for fiscal 2010 and beyond that are based on preliminary data and are subject to risks and uncertainties. All statements other than statements of historical fact are statements that are or could be deemed forward-looking statements and included terms such as “outlook,” “expectations,” “estimates,” or “forecasts.” For those statements, the Company cautions that numerous important factors, such as automotive vehicle production levels, mix and schedules, financial distress of key customers, energy prices, the strength of the U.S. or other economies, currency exchange rates, cancellation of or changes to commercial contracts, liquidity, changes in the levels or timing of investments in commercial buildings, the ability to execute on restructuring actions according to anticipated timelines and costs as well as other factors discussed in Item 1A of Part I of the Company’s most recent Form 10-k filing (filed November 24, 2009) could affect the Company’s actual results and could cause its actual consolidated results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, the Company.

SOURCE Johnson Controls, Inc.

The state of Delaware recently designated the company as a preferred energy services provider by the Delaware Sustainable Energy Utility (DESEU).

DESEU is a comprehensive program designed to help Delaware generate energy and cost savings, create new jobs, and support the environment. As one of the first energy services providers to be recognized by DESEU, Johnson Controls will have the opportunity to help improve the state’s government, academic, educational and municipal facilities on both the state and local levels. The recognition also enables the company to help Delaware move closer toward its goal of reducing greenhouse gas (GHG) emissions by 30 percent by 2020.

“Energy efficiency has never been more important, as validated by the public sector’s continued demand for comprehensive energy efficiency solutions,” said Joy Clarke-Holmes, vice president, regional solutions, Mid-Atlantic region, Johnson Controls. “Performance contracting energy programs are cost-effective and impactful solutions for today’s energy conscious and fiscally responsible government and educational institutions.”

Johnson Controls solutions in state, local government organizations
As the largest energy services provider in the U.S., Johnson Controls helps federal, state and local governments achieve greater energy efficiency through self-funded programs. These programs include systems integration, alternative energy solutions, and innovation, which address facility improvements, create new jobs, reduce GHG emissions and improve comfort and productivity in buildings. Recent projects of note include:

• The Indiana Department of Correction – Johnson Controls helped five prison facilities throughout Indiana implement energy efficient upgrades including the installation of biomass boilers that utilize scrap wood from local businesses. The project helps boost the region’s economy through support of local commerce and is anticipated to save the state of Indiana more than $36 million in energy costs over the next 10 years.
• The Orange County Convention Center – Johnson Controls developed a solar photovoltaic (PV) system for the second largest convention center in the nation, located in Orlando, Fla. The system features a 1.1 megawatt rooftop single-crystalline PV system, providing enough energy to power between 80 and 100 homes annually. The solar upgrades have resulted in significant reduction of energy costs and carbon emissions through renewable technology.
• The State of Maryland – As part of Maryland Governor Martin O’Malley’s energy initiative, EmPOWER Maryland, Johnson Controls supported the retrofit of more than 118 government facilities throughout the state. The revamp is expected to save the state more than $29 million in energy costs through 2017. Johnson Controls also upgraded 40 Maryland State Police facilities, saving an anticipated $15.9 million in utility and operational costs over 14 years.

Military officials and business leaders were on hand Monday to cut the ribbon for a fitness center that will benefit wounded soldiers.

Johnson Controls and the Intrepid Foundation combined to donate $200,000 worth of services and equipment to transform a room on the ground floor of Hardy Hall from a maintenance and storage area to the Warrior Transition Battalion Fitness Center.

Read more in The Fayetteville Observer. Submit your comments below.

The Company received approximately $494.2 million of net proceeds from the offering after deducting underwriting discounts and commissions and other expenses of the offering.  The Company intends to use the net proceeds from the offering for general corporate purposes, including to repay short-term indebtedness that it has incurred to finance working capital requirements.

Banc of America Securities LLC, Citigroup Global Markets Inc., Barclays Capital Inc. and ING Financial Markets LLC served as joint book-running managers for the offering.

Standard & Poor’s Ratings Services said Friday it has revised its outlook on auto parts and building systems maker Johnson Controls Inc. to “positive” from “stable.”

S&P also affirmed its rating on the company, including its BBB corporate credit rating.

Read the complete story on ABC News / Money. Submit comments below.

Steve Roell, Johnson Controls’ chairman, president and chief executive officer, and Bruce McDonald, chief financial officer, were recognized as leaders in the Autos and Auto Parts category by Institutional Investor in its annual ranking. Johnson Controls was also ranked first in the Consumer, Autos and Auto Parts category for Best Investor Relations. Glen Ponczak, executive director of Investor Relations, was named the Best Investor Relations Professional by both buy-side and sell-side analysts.

“We are honored to receive this recognition from Institutional Investor,” said Steve Roell. “Over the past year our leadership team and our 130,000 employees around the world have worked hard to address the market realities that we faced. Johnson Controls has a long history of growth and focus on shareholder value. We are proud to be named to this list of distinguished companies and individuals by Institutional Investor.”

“The All-America Executive Team honors corporate leaders who did an outstanding job guiding their companies through the worst financial crisis since the Great Depression by staying true to their long-term vision,” says Institutional Investor executive editor Michael Peltz.

Rankings for these awards are based on Institutional Investor magazines’ U.S. Investor Relations Perception Study, a comprehensive analysis completed by 570 sell-side analysts at nearly 100 securities firms and more than 780 buy-side investment professionals at 425 institutions. The complete listing can be found at http://www.iimagazine.com/.

Shareholders of Johnson Controls Inc. on Wednesday approved an investor proposal recommending that the company’s directors be elected by a majority of shareholders.

The corporate governance proposal was offered by Laborers National Pension Fund, which has pressed the issue with many companies across the country. Currently, directors can be elected if they get less than a majority of shareholders’ consent.

Read the complete story in the Milwaukee Journal Sentinel. Submit comments below.