A string of Johnson Controls (JCI) layoffs will see 3,000 jobs be cut from the company’s workforce.
The Johnson Controls layoffs will consists of salaried employees at the company. It won’t be laying off all of the employees at once, but will rather do it over a two year time span. The layoffs are part of its efforts to save money.
Johnson Controls employs roughly 130,000 people. The laying off of 3,000 of these employees represents about 2% of its workforce and is expected to save the company $250 million a year. The company is also looking to save money by reducing waste.
“As we continually adapt to our changing business portfolio, there is significant opportunity across the company for us to reduce costs, simplify processes and increase our speed and agility,” Alex Molinaroli, chairman and CEO of Johnson Controls, said in a statement. “The steps we are taking now will enable a more competitive, sustainable cost structure for Johnson Controls as we continue to move the company forward.”
JCI shares were down 1% as of Noon Friday.
More From InvestorPlace:
— Is the Under Armour Stock Split a Raw Deal for UA Owners?
— Grab These 1% Stocks while They Are Cheap
— 5 Boom or Bust Energy Stocks to Buy
