Auto interiors company joint venture

Wisconsin-based Johnson Controls has signed an agreement to create the world's largest automotive interiors company with China-based Yanfeng Automotive Trim Systems.

Johnson Controls said in a statement on Sunday that the joint venture is expected to have $US7.5 billion ($A8.11 billion) in annual sales and make instrument panels, interior systems, door panels and floor consoles.

The new company will have its headquarters in Shanghai.

Yanfeng is a subsidiary of Huayu Automotive Systems Co, and will have a 70 per cent stake in the new company. Johnson Controls will have a 30 per cent stake.

Johnson Controls Chairman and CEO Alex Molinaroli says the deal aligns with the company's commitment to China and its growing efforts in the global automotive industry.

Johnson Controls is headquartered in Milwaukee. It has 170,000 employees.

- See more at: http://www.skynews.com.au/business/business/market/2014/05/19/auto-interiors-company-joint-venture.html#sthash.QXPuvjuN.dpuf

Leony Li
By Tutornecio
Published: 2014-05-18T17:04:00-07:00
Auto interiors company joint venture
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