NEW YORK, May 18 (Reuters) - 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 Motor Corp.
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)