Johnson Controls International plc (JCI) will lower its quarterly dividend from $0.29 to $0.25 per share following the company's merger earlier this year with Tyco International and the Adient separation (October 31st).

The quarterly cash dividend payment of $0.25 per share will be payable on Jan. 6, 2017, to shareholders of record as of the close of business on Dec. 14, 2016. Johnson Controls has paid a consecutive dividend since 1887.

Based on a $43.73 stock price the new $1 per share annual dividend translates into an estimated yield of 2.3%.

Johnson Controls International plc, headquartered in Cork, Ireland, is a manufacturer and installer of building products and systems, including HVAC equipment, HVAC controls, energy-management systems, security systems, fire detection systems and fire suppression solutions. The company further serves customers by providing technical services (in the HVAC, security and fire-protection space), energy-management consulting and data-driven solutions via its data-enabled business. Also, the Group has a strong presence in the North American residential air conditioning and heating systems market and is a global market leader in industrial refrigeration products. Johnson Controls was originally incorporated in the state of Wisconsin in 1885 as Johnson Electric Service Company to manufacture, install and service automatic temperature regulation systems for buildings.