The deal is another consolidation in the auto interiors business. Last year Johnson Controls spun off its interiors unit into a joint venture with China’s Yanfeng Automotive Trim Systems.
This week JCI said the JV, called Yanfeng Automotive Interiors, would be the largest automotive interiors company in the world with revenues of approximately $8.5 billion and the potential to reach $10 billion in the next few years. Yanfeng will hold the majority 70 percent share in the joint venture and JCI will have a 30 percent share.
Also in 2014, Visteon sold its interiors unit to an affiliate of private investment firm Cerberus Capital Management.
Charles Child contributed to this report