Johnson Controls (JCI) is selling its workplace solutions division to real estate firm CBRE Group (CBG) for just under $1.48 billion. ‘This is part of our larger strategy to focus on manufacturing and the products and technologies that we deliver in our core businesses. The [workplace solutions division] is a great business, but it’s a services only business,’ said Kim Metcalf-Kupres, vice president and chief marketing officer of Johnson Controls. The company is also planning an expansion into China and expects revenue from its businesses in the region to stand at more than $20 billion by 2020, from $8.5 billion today.
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