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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Visteon Corporation | NASDAQ:VC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.44 | 2.19% | 113.61 | 113.33 | 113.95 | 113.71 | 111.99 | 112.38 | 11,814 | 15:07:22 |
(Adds comment from analyst and more details about auto electronics business)
By Ben Fox Rubin and Bob Tita
Johnson Controls Inc. (JCI) agreed to sell the remaining portion of its automotive electronics business to automotive supplier Visteon Corp. (VC) for $265 million.
Johnson Controls sold most of the electronics unit last year, including its vehicle-based control system for remotely activating garage doors and home lighting, to Michigan-based Gentex Corp. (GNTX) for $700 million. Visteon will acquire Johnson Controls' instrument clusters, infotainment systems, display and body electronics products.
The two sales fetched a combined $965 million for the auto electronics business.
Michigan-based Visteon said the purchase 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, a large diversified manufacturer in Milwaukee, has been shedding automotive businesses as part of a strategy to focus on higher-margin growth businesses. The company announced in the fall that it was considering options for its automotive interiors unit.
"There are two potential outcomes" for interiors, said David Leiker, an analyst for Robert W. Baird & Co. in a note to investors Monday. "One, is a complete sale to one buyer, most likely to a Chinese company, or a sale of the unit in pieces."
Johnson Controls continues to make car seating and replacement batteries for cars, as well as York-brand heating and air conditioning system. The acquisition is expected to close in the second quarter.
Johnson Controls shares were recently up 1% at $52.16 a share, while Visteon is up 3% at $87.56.
Write to Write to Ben Fox Rubin at ben.rubin@wsj.com and Bob Tita at Robert.Tita@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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