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JCI secures $303 million loan in Europe to strengthen training, equipment

By: URETHANES TECHNOLOGY INTERNATIONAL

March 4, 2014

Auto seating supplier Johnson Controls Inc. is set to strengthen its R&D capacity and vocational training with a European Investment Bank loan of 220 million euros ($303 million).

Jean-Philippe De Waele, Johnson Controls' treasurer for Europe, Middle East and Africa, said: "The company highly appreciates this loan as it will enable us to further strengthen our R&D capacity and activity in the field of eco-friendly automotive seating solutions."

JCI's auto division is based in Plymouth, Mich., with European operations based in Burscheid, Germany.

Part of the loan has been earmarked for the vocational training of young people in programs at Johnson Controls' production plants in Germany. Around 240 apprentices will benefit from these programs throughout the duration of the project, said a company press release.

"A knowledge-based economy is dependent on a skilled and competent workforce. The vocational training aspect is therefore another important element of the funding that has now been made available," said EIB Vice President Wilhelm Molterer.