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JCI, SAIC Affiliate to Launch "World’s Largest" Auto Interiors Venture
Johnson Controls Inc. and a unit of Shanghai Automotive Industry Corp. have signed a definitive agreement to form what they describe as the world's largest automotive interiors company.
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Johnson Controls Inc. and a unit of Shanghai Automotive Industry Corp. have signed a definitive agreement to form what they describe as the world's largest automotive interiors company.
JCI and partner Yanfeng Automotive Trim Systems Co. say the company will generate annual revenue of about $7.5 billion. The partners, who have jointly produced automotive seating in China for 15 years, will detail their plans to analysts Monday afternoon.
The unnamed new company will be based in Shanghai and operate regional engineering, sales and product development centers in China, Europe, India, Japan and the U.S.
The agreement excludes certain existing JCI and Yanfeng facilities and business activities. JCI, for example, will continue to operate its current Automotive Experience interiors business outside the partnership.
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