Johnson Controls (JCI) and Yanfeng Automotive Trim Systems, a wholly-owned subsidiary of Huayu Automotive Systems, the component group of Shanghai Automotive Industry Corporation (SAIC), have signed a definitive agreement to form a global automotive interiors joint venture (JV).
The agreement is a non-cash transaction of asset contributions by the two parties that JCI says will create the largest automotive interiors company in the world with revenues of around US$7.5bn.
Yanfeng will hold the majority 70% share in the joint venture and JCI will have a 30% share.
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