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Johnson Controls to spin off automotive-interiors business into JV

  • Johnson Controls (JCI) intends to spin off its automotive-interiors operations into a joint venture with China's Yanfeng Automotive Trim Systems, which will own 70% of the business and the U.S. company the rest.
  • The JV firm will be the largest company in the world in its field with expected annual revenues of $7.5B and 15% of the market.
  • The non-cash deal comes as Johnson Controls refocuses on its higher-margin non-auto interests, although the company will keep its auto-seating operations.
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