Johnson Controls (NYSE:JCI) has issued a statement denying a media report that the company is exploring a divestment of its automotive interiors division. A Reuters article quoting "people familiar with the matter" said that the firm had retained JPMorgan Chase to advise it on such a move.

In its statement, Johnson Controls said that it "has no current intention to divest this segment."

Rather, the company said that it had retained the bank to advise it on a possible divestment of its automotive electronics segment. It said that it is in the early stages of the process.