Johnson Controls, a global automotive supplier with major operations in Plymouth Township, and Yanfeng Automotive Trim Systems Co., today announced a joint venture to manufacture automotive interiors and components. The new company, called Yanfeng Automotive Interiors, will be headquartered in Shanghai, China.
“Combining our global interiors businesses enhances our ability to serve our automotive customers throughout the world,” says Alex Molinaroli, Johnson Controls chairman and CEO. “This will result in an automotive interiors company with unmatched scale, capabilities, and reach.”
Revenues are anticipated to be about $8.5 billion, and are expected to reach $10 billion within the next few years. The companies will manufacture instrument panels and cockpit systems, door panels, floor consoles, and overhead consoles.
Yanfeng Automotive Trim Systems will hold the majority share in the joint venture at 70 percent.
The companies signed an initial agreement in May 2014 to form the joint venture. Operations are expected to begin in July, subject to all regulatory approvals.
