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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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April 1, 2015
08:39 EDTJCICBRE Group deal has several positive aspects, says JMP Securities
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March 31, 2015
13:14 EDTJCIJohnson Controls sales opportunity at CBRE back-end loaded, says Wells Fargo
Wells Fargo said it likes the sales price and strategic arrangement that Johnson Controls (JCI) negotiated with CBRE Group (CBG) in the deal to divest GWS, but that the associated sales opportunity is back-end loaded. The firm does not think investors should give much credit for the sales opportunity at this juncture, given the timing. The firm maintains its Market Perform rating on shares of Johnson Controls.
12:31 EDTJCIOn The Fly: Midday Wrap
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07:55 EDTJCICBRE Group to host conference call
Conference Call to discuss definitive agreement to acquire the Global Workplace Solutions Business of Johnson Controls, Inc will be held on March 31 at 11 am. Webcast Link
07:03 EDTJCIJohnson Controls to sell its GWS business to CBRE Group for $1.475B
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07:02 EDTJCICBRE Group, Johnson Controls enter into 10-year strategic relationship
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07:02 EDTJCICBRE to acquire Johnson Controls' Global WorkPlace Solutions business for $1.5B
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