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

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

$7.5 billion joint venture creates largest automotive interiors supplier
globally

PR Newswire

SHANGHAI, May 18, 2014

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      Phyllis Gao (China  Glen Ponczak (Investors)
media)                            media)
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

SOURCE Johnson Controls

Website: http://www.johnsoncontrols.com
 
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