Since Alex Molinaroli became CEO of Johnson Controls International plc (JCI, formerly Johnson Controls Inc.) in 2013, the business has been through a radical transformation. Initially, this included divesting a number of business units and divisions, and some small acquisitions to refocus the business; however, in June 2015, JCI announced the spinoff of its automotive business, effectively half of the company, into a new corporation, Adient, with a target completion date of October 2016. Soon after, JCI announced its merger with Tyco, which then took place in September 2016, only a month before the conclusion of the Adient spinoff. The impact of these events across the former JCI and Tyco businesses, as well as the new Adient corporation, has inevitably been enormous, not least for treasury. In this article, Jean-Philippe De Waele and Mario Del Natale of JCI discuss some of the factors that contributed to the successful creation of the Adient treasury function, particularly focusing on the treasury technology implications.
A ticking clock