Controls the 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), has announced the signing
of a definitive agreement to form a global automotive interiors joint venture
of $7.5 billion (Rs 43,882 crore) creating the largest automotive interiors
is a non-cash transaction comprised of asset contributions by the two parties
that will create the largest automotive interiors company in the world with
revenues of approximately $7.5 billion.
Yanfeng will hold the majority 70pc share in the joint venture, and
Johnson Controls will have a 30pc share, according to a press release.
CEO of Johnson Controls, Alex Molinaroli stated in a press statement "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. This also
aligns with Johnson Controls' corporate commitment to China, which is
increasingly becoming a major center for the global automotive industry."
company will be headquartered in Shanghai with global engineering, development
and customer centres in the United States, Europe, China, Japan and India. The
product portfolio will include instrument panels and cockpit systems, door
panels and floor consoles.
excludes certain facilities in both Yanfeng and Johnson Controls' existing
Source: Johnson Controls
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