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Johnson Controls,
, a
global multi-industrial company, and Yanfeng Automotive Trim Systems Co.,
Ltd., a wholly owned subsidiary of Huayu Automotive Systems Co., Ltd.
(HASCO), the component group of Shanghai Automotive Industry Corporation
(SAIC), today announced the signing of the agreement for a global automotive
interiors joint venture.
The new joint venture will be called Yanfeng Automotive Interiors, and will
be the largest automotive interiors company in the world with revenues of
approximately $8.5 billion with a backlog to reach $10 billion in the next
few years. Yanfeng will hold the majority 70 percent share in the joint
venture, and Johnson Controls will have a 30 percent share.
The companies signed a definitive agreement in May 2014 to form this joint
venture, which is expected to begin operations in July 2015, subject to
receipt of all regulatory approvals.
"Combining our global interiors businesses enhances our ability to serve our
automotive customers throughout the world," said Alex Molinaroli, Johnson
Controls chairman and chief executive officer. "This will result in an
automotive interiors company with unmatched scale, capabilities and reach."
The new company will be headquartered in Shanghai with more than 90
manufacturing, 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, floor consoles
and overhead consoles.
The interiors joint venture agreement is the latest in a series of recent
strategic transactions taken by the company to both strengthen and rebalance
its portfolio of operating businesses.
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