Chinese auto supplier aims to buy JCI's electronics business

AUTOMOTIVE NEWS CHINA

Published: April 8, 2013 12:14 pm ET
Updated: April 8, 2013 12:16 pm ET

Related to this story

Topics Mergers & Acquisitions, Automotive
Companies & Associations Johnson Controls Inc.

GUANGZHOU, CHINA — An automotive supplier majority owned by China's SAIC Motor Corp. is in talks with Johnson Controls Inc. about acquiring the U.S. supplier's electronics business, a daily Chinese business newspaper reports.

The SAIC unit, Huayu Automotive Systems Co., is expected to offer more than $1 billion (about 770 million euros) for the business, according to the 21st Century Business Herald, citing an unnamed investment bank source familiar with the deal.

The acquisition would strengthen Huayu's electronics business, which is headquartered in the south China city of Guangzhou, the newspaper reported,

Huayu is 60 percent owned by SAIC and is listed on the Shanghai stock exchange. It supplies automotive interior and exterior trims, metal formed and die cast parts as well as electric and electronics parts to global and domestic automakers in China.

In 2012, Huayu had sales of 57.9 billion yuan (7.2 billion euros), up 11 percent from 2011, and a profit of 3.1 billion yuan, up 4 percent year-on-year, the newspaper reported.

Glendale, Wis.-based JCI had announced on March 6 that it was considering selling its automotive electronics business. The business includes the company's HomeLink system-integrating garage door openers, alarm systems and other home controls into a vehicle control, as well as in-car electronics and safety systems.

JCI has said it is not interested in selling its automotive interiors business.


Comments

Chinese auto supplier aims to buy JCI's electronics business

AUTOMOTIVE NEWS CHINA

Published: April 8, 2013 12:14 pm ET
Updated: April 8, 2013 12:16 pm ET

Post Your Comments


Back to story


More stories

Image

Ferro sells another piece of its plastics business

December 19, 2014 3:33 pm ET

Ferro Corp. has sold its North American polymer additives business to a private equity firm for $154 million in cash.    More

Image

Alex Brands buys iconic Shrinky Dinks toys

December 19, 2014 3:15 pm ET

First Slinky, now Shrinky Dinks. What will toy and games investment firm Alex Brands buy next?    More

Image

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS...    More

Image

BASF to sell its share in Singapore JV

December 19, 2014 8:37 am ET

BASF SE has announced that it has reached an agreement for it to sell its share in the 50-50 joint venture ELLBA Eastern, at Jurong Island, Singapore ...    More

Image

Sabic: Rapid demand growth led to Ultem shortage

December 18, 2014 12:06 pm ET

Sabic Innovative Plastics has been increasing production capacity for its Ultem polyetherimide but it still got caught short by increasing demand for ...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events