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SAIC Unit Eyes Purchase of JCI Electronics Unit
Johnson Controls Inc. is discussing the sale of its electronics unit to Shanghai-based Huayu Automotive Systems, a subsidiary of Shanghai Automotive Industry Corp., the 21st Century Business Herald reports.
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Johnson Controls Inc. is discussing the sale of its electronics unit to Shanghai-based Huayu Automotive Systems, a subsidiary of Shanghai Automotive Industry Corp., the 21st Century Business Herald reports.
The Guangzhou-based newspaper, which cites an unidentified investment banking source, says Huayu is expected to offer more than $1 billion for the business.
JCI hired JPMorgan Chase & Co. last month to find a buyer for the unit. The operation generated $1.4 billion last year from the sale of displays, instrument clusters, sensors and infotainment and connectivity systems.
Huayu, which had revenue of 57.9 billion yuan ($9.2 billion) in 2012, makes automotive interior and exterior trim, metal parts and electric and electronic components. The company supplies the Chinese operations of such carmakers as BMW, Ford, Honda, Nissan, PSA, Toyota and Volkswagen, as well as numerous local automakers.
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