NEW YORK May 18 Johnson Controls said
on Sunday that it has agreed to sell its auto interiors business
to a joint venture it is forming with a unit of China's SAIC
A Johnson Controls spokesman said the auto parts maker was
contributing $3 billion to the joint venture, giving it a 30
percent stake. The newly formed company will have total value of
$7.5 billion, he said.
Johnson Controls had previously said it was evaluating
strategic options for the unit, which had annual revenue of
about $4 billion but had been struggling to turn a profit.
(Reporting by Christian Plumb; Editing by Alison Williams)