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 Automotive, Mergers & Acquisitions
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

Newell Rubbermaid to acquire Contigo brand

July 21, 2014 5:00 pm ET

Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of...    More

Image

Illinois injection molder expands

July 21, 2014 1:23 pm ET

Automotive supplier All-Rite Industries Inc. has added two new injection molding machines to its operations.    More

Image

More head-up displays going into cars, with improved information, graphics

July 21, 2014 10:48 am ET

Head-up displays with "augmented reality," the technology that employs much of the windshield as a display area for data and images, is poised to...    More

Image

Huhtamäki to evaluate its films business

July 21, 2014 9:52 am ET

Finland-based plastics packaging group, Huhtamäki Oyj, has announced that it is evaluating its options regarding its films business, due to its...    More

Image

Thermoforming Technology Group adds Lyle Industries to its portfolio

July 18, 2014 2:48 pm ET

Thermoforming Technology Group LLC has expanded its thermoforming equipment presence with the acquisition of Lyle Industries Inc.    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

More Events