Share “Visteon buying Johnson Controls unit for...”

Visteon buying Johnson Controls unit for $265M

Published on NewsOK Modified: January 13, 2014 at 8:41 am •  Published: January 13, 2014

NEW YORK (AP) — Auto parts supplier Visteon said Monday that it will buy Johnson Controls's automotive electronics business for $265 million.

Visteon said the business has about $1.3 billion in annual sales, which will give it about $3 billion in annual revenue from automotive cockpit electronics.

Johnson Controls has been selling businesses in automotive electronics and said it has received almost $1 billion from those deals.

The automotive electronics operation involved in the deal has about 4,800 employees and seven research and development centers in North America, Europe, and Asia. Its largest customers include Honda Motor Co., Ford Motor Co., BMW, Renault-Nissan, and PSA Peugeot-Citroen. The companies said the deal should close during the second quarter.

Visteon Corp., of Van Buren Township, Mich., expects $40 million in annual savings from the deal. It said the acquisition doesn't change its stock repurchase plans.

Visteon has also said it planned to sell its automotive interiors business. The company said it will sell that business in three separate deals.

Johnson Controls Inc. is based in Milwaukee, and it makes heating and ventilation systems for buildings.

Visteon shares rose $3.05, or 3.5 percent, to $88 in morning trading Monday. Shares of Johnson Controls rose 66 cents, or 1.3 percent, to $52.25.


  1. 1
    Proposed bill would make college textbooks free
  2. 2
    For 1st time, MIT's free online classes can lead to degree
  3. 3
    Dallas County man freed after serving 25 years for murder over faulty science of bite marks
  4. 4
    Doctors pioneer pot as an opioid substitute
  5. 5
    Playboy To Stop Publishing Nudes In Print Magazine
+ show more


× Trending business Article