Johnson Controls and SAIC's Yanfeng Automotive Trim Systems Co., Ltd. form global joint venture for automotive interiors - KTEN.com - No One Gets You Closer

Johnson Controls and SAIC's Yanfeng Automotive Trim Systems Co., Ltd. form global joint venture for automotive interiors

  • Texoma HeadlinesMore>>

  • Workforce Solutions Texoma KTEN Hot Jobs

    Workforce Solutions Texoma KTEN Hot Jobs

    Looking for a job? Workforce Solutions Texoma can help. Below is the updated list of job openings in our area. For more information you can contact Workforce Solutions Texoma at Phone: 903.463.9997 Fax: 903.463.3073 www.workforcesolutionstexoma.com DIRECTOR OF THE CENTER FOR WORKPLACE LEARNING Denison Closing Date: 8/15/2014 Posting ID: 6313798 http://bit.ly/1sR6cKz TECHNICAL SUPPORT REPRESENTATIVE AND PC REPAIR Denison Closing Date: 8/16/2014 Posting I...More >>
    Looking for a job? Workforce Solutions Texoma can help. Below is the updated list of job openings in our area. For more information you can contact Workforce Solutions Texoma at Phone: 903.463.9997 Fax: 903.463.3073 www.workforcesolutionstexoma.com DIRECTOR OF THE CENTER FOR WORKPLACE LEARNING Denison Closing Date: 8/15/2014 Posting ID: 6313798 http://bit.ly/1sR6cKz TECHNICAL SUPPORT REPRESENTATIVE AND PC REPAIR Denison Closing Date: 8/16/2014 Posting I...More >>
  • Tips For Buying New Home

    Tips For Buying New Home

    Texoma realtor Lisa Hitchcock stopped by the KTEN studios to talk about steps for buying a home with Gregg Watson.Find out what you need to know before you start your search.More >>
    Texoma realtor Lisa Hitchcock stopped by the KTEN studios to talk about steps for buying a home with Gregg Watson.Find out what you need to know before you start your search.More >>
  • BBQ, Auction and Good Time to Benefit Tishomingo Ag. Booster Club

    BBQ, Auction and Good Time to Benefit Tishomingo Ag. Booster Club

    Grab the kids and get ready for a great supper, auction and guaranteed entertainment at the 2014 Tishomingo Ag. Booster Club BBQ Dinner.Jody House joined Lisanne Anderson on Good Morning Texoma to talk more about the event and the great things this booster club does to support local FFA and 4-H students.Click on the video link for more detailsJuly 26, 20146:30pmJohnston Co. Fair Barn - Tishomingo, OklahomaMeal prepared by Cattle Trough CateringTickets $15 for adults and $8 for children under ...More >>
    Grab the kids and get ready for a great supper, auction and guaranteed entertainment at the 2014 Tishomingo Ag. Booster Club BBQ Dinner.Jody House joined Lisanne Anderson on Good Morning Texoma to talk more about the event and the great things this booster club does to support local FFA and 4-H students.Click on the video link for more detailsJuly 26, 20146:30pmJohnston Co. Fair Barn - Tishomingo, OklahomaMeal prepared by Cattle Trough CateringTickets $15 for adults and $8 for children under ...More >>

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Johnson Controls

$7.5 billion joint venture creates largest automotive interiors supplier globally

SHANGHAI, May 18, 2014 /PRNewswire/ -- Johnson Controls, (NYSE: JCI), 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 a definitive agreement to form a global automotive interiors joint venture.

Alex Molinaroli, (left) Johnson Controls chairman and chief executive officer, and Shen Jianhua, vice chairman, SAIC & HASCO, and chairman, Yanfeng, today 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 $7.5 billion.  Yanfeng will hold the majority 70 percent share in the joint venture, and Johnson Controls will have a 30 percent 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. It is available via webcast in the investor section of http://www.johnsoncontrols.com/investors.

About Johnson Controls:
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 170,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and disciplined focus on operational execution, we are committed to delivering value to shareholders and making our customers successful. In 2014, Corporate Responsibility Magazine recognized Johnson Controls as the #12 company in its annual "100 Best Corporate Citizens" list. For additional information, please visit http://www.johnsoncontrols.com.

CONTACTS:



Johnson Controls:



Fraser Engerman (U.S./Europe media)

Phyllis Gao (China media)

Glen Ponczak (Investors)

414.524.2733

+86 21 2248 8884

414.524.2375

414.308.8321



Fraser.Engerman@jci.com

Phyllis.Gao@jci.com

Glen.L.Ponczak@jci.com

Alex Molinaroli, (left) Johnson Controls chairman and chief executive officer, and Shen Jianhua, vice chairman, SAIC & HASCO, and chairman, Yanfeng, today announced the signing of a definitive agreement to form a global automotive interiors joint venture.

Photo - http://photos.prnewswire.com/prnh/20140518/88693 
Photo - http://photos.prnewswire.com/prnh/20140518/88692

©2012 PR Newswire. All Rights Reserved.