World's biggest automotive interiors supplier begins operations today
Johnson Controls joins forces with Yanfeng Automotive Trim Systems Co., Ltd to create new company with unmatched capabilities
MILWAUKEE, July 2, 2015 /PRNewswire/ -- Today is the formal launch of Yanfeng Automotive Interiors, a joint venture between Yanfeng Automotive Trim Systems Co., Ltd, a wholly owned subsidiary of Huayu Automotive Systems Co., Ltd (HASCO), which is the component group of Shanghai Automotive Industry Corporation (SAIC) and Johnson Controls.
Yanfeng Automotive Interiors is the world's largest automotive interiors parts supplier with Johnson Controls, a global multi-industrial, having a 30 percent share of the company which will be headquartered in Shanghai. The new company will have revenues of $8.5 billion and an order backlog of $10 billion.
"Combining two outstanding global automotive interiors businesses enhances our ability to serve customers throughout the world," said Alex Molinaroli, CEO of Johnson Controls. "Yanfeng Automotive Interiors will have unmatched scale and reach in the industry with the talents of 28,000 dedicated employees globally."
The new company will have more than 90 manufacturing, development, engineering and customer service locations around the world. The product portfolio will include instrument panels and cockpit systems, door panels, floor consoles and overhead consoles.
The decision to spin-off its interiors business into a joint venture is one in a series of strategic actions taken by Johnson Controls to strengthen and rebalance its portfolio of operating businesses.
About Johnson Controls:
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 170,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating components and systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful. In 2015, Corporate Responsibility Magazine recognized Johnson Controls as the #14 company in its annual "100 Best Corporate Citizens" list. For additional information, please visit http://www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter.
About Yanfeng Automotive Interiors:
Yanfeng Automotive Interiors is the world's leading supplier of instrument panels and cockpit systems, door panels, floor consoles and overhead consoles. Headquartered in Shanghai, the company has more than 90 manufacturing and technical centers in 17 countries and employs over 28,000 people globally. Established in 2015, Yanfeng Automotive Interiors is a joint venture between Yanfeng Automotive Trim Systems Co., Ltd, a wholly owned subsidiary of Huayu Automotive Systems Co., Ltd. (HASCO), the component group of Shanghai Automotive Industry Corporation (SAIC), and Johnson Controls, a global multi-industrial company. For more information, please visit www.YFAI.com
SOURCE Johnson Controls