Posted Sunday, May 18, 2014 --- 3:02 p.m.
MILWAUKEE (AP) -- Wisconsin-based Johnson Controls says it has signed an agreement to create the world's largest automotive interiors company with China-based Yanfeng Automotive Trim Systems.
Johnson Controls said in a statement Sunday that the joint venture is expected to have $7.5 billion in annual sales and make instrument panels, interior systems, door panels and floor consoles. The new company will have its headquarters in Shanghai.
Yanfeng is a subsidiary of Huayu Automotive Systems Co., and will have a 70 percent stake in the new company. Johnson Controls will have a 30 percent stake.
Johnson Controls Chairman and CEO Alex Molinaroli says the deal aligns with the company's commitment to China and its growing efforts in the global automotive industry.
Johnson Controls is headquartered in Milwaukee. It has 170,000 employees.
Copyright 2014: Associated Press