Johnson Controls to Sell Auto Businesses to Visteon for $265 Million

   By Ben Fox Rubin 
 

Johnson Controls Inc. (JCI) agreed to sell its automotive electronics unit to automotive supplier Visteon Corp. (VC) for $265 million, as Johnson Control refocuses its business.

Johnson, a large diversified manufacturer, previously said it wanted to move away from automotive electronics as part of a broader push to focus on core businesses and reallocate funds.

The maker of car batteries, automotive seating, and York-brand heating and air conditioning systems last year completed the sale of its HomeLink assets--which include a vehicle-based control system to remotely activate garage door openers and home lighting--for $700 million to Gentex Corp. (GNTX).

Visteon will acquire Johnson Controls' instrument cluster, infotainment, display and body electronics products. Visteon said the deal will improve its competitive position in vehicle cockpit electronics by broadening its manufacturing and engineering footprint, product portfolio and customer penetration.

The acquisition is expected to close in the second quarter.

Johnson Controls shares closed Friday at $51.59, while Visteon's closed at $85.

Write to Ben Fox Rubin at [e-mail]

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