JCI Mulls Selling Donnelly Shares

May 6, 2002
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HOLLAND — Johnson Controls Inc. is considering selling off its stake in Donnelly Corp.

In an April 26 filing with the U.S. Securities and Exchange Commission, Johnson Controls said it “has determined to explore various options with respect to its ownership of shares and may dispose of some or all of the shares” it owns, referring to its Donnelly shares.

Johnson Controls acquired a 15 percent stake in Donnelly on Oct. 31, 2000, “for investment purposes” when it bought 1.54 million shares of stock, at $14 per share, previously held by Heartland Advisers Inc. Donnelly shares were trading above $20 per share prior to the SEC filing and slid back to the upper teens in the days afterward.

A Johnson Controls spokesman did not return calls seeking comment. A Donnelly representative said the filing surprised the company.

“We’re not sure what they’re thinking,” Donnelly spokeswoman Beverly Snyder said.       

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