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May 18, 2014
14:41 EDTJCIJohnson Controls to create automotive-interiors business JV with China partner
Johnson Controls (JCI), and Yanfeng Automotive Trim Systems, a wholly owned subsidiary of Huayu Automotive Systems, the component group of Shanghai Automotive Industry Corporation, SAIC, announced the signing of a definitive agreement to form a global automotive interiors joint venture. The agreement is a noncash transaction comprised of asset contributions by the two parties that will create the largest automotive interiors company in the world with revenues of approximately $7.5B. Yanfeng will hold the majority 70% share in the joint venture, and Johnson Controls will have a 30% share. "Joining our two interiors businesses is a natural extension of our already very successful existing partnership with Yanfeng in automotive seating, which has flourished over the past 15 years. It creates a strong combined company with a market leading position and a foundation for sustained global growth," said Alex Molinaroli, Johnson Controls chairman and chief executive officer. "This also aligns with Johnson Controls' corporate commitment to China, which is increasingly becoming a major center for the global automotive industry."The new company will be headquartered in Shanghai with global engineering, development and customer centers in the United States, Europe, China, Japan and India. The product portfolio will include instrument panels and cockpit systems, door panels and floor consoles. The transaction is subject to limited conditions and is expected to close in the first half of calendar year 2015. The agreement excludes certain facilities in both Yanfeng and Johnson Controls' existing networks. Johnson Controls will continue to operate those within its network as part of Johnson Controls' Automotive Experience business. Johnson Controls will host an analyst call Monday, May 19 at 3 p.m. CDT.
News For JCI From The Last 14 Days
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November 25, 2014
05:51 EDTJCIJohnson Controls to host financial analyst meeting
Strategic Review & 2015 Outlook Financial Analyst Meeting to be held in New York on December 2 at 8 am. Webcast Link
November 19, 2014
11:58 EDTJCIJohnson Controls boosts quarterly dividend 18% to 26c
Johnson Controls said its board increased its regular quarterly dividend to 26c per share of common stock, an increase of 18%. The quarterly dividend will be paid on Jan. 5, 2015 to shareholders of record as of the close of business on Dec. 12.

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