Johnson Controls to Spin Off Auto Interiors Into Venture
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Johnson Controls Inc. plans to spin off its automotive-interiors business into a joint venture with China’s Yanfeng Automotive Trim Systems Co., which will be the majority owner.
Johnson Controls, the biggest U.S. auto-parts maker, will retain its seating business, spokesman Fraser Engerman said in an interview. Yanfeng will own 70 percent of the new Shanghai-based venture, with Johnson Controls owning the remainder, the companies said in a statement. It will have revenue of about $7.5 billion, according to the companies.