Johnson Controls has inked an agreement with Zhejiang Wanfang New Materials Co to set up a new fabrics joint venture in Haining City, Zhejiang Province.
The new joint venture will be known as Zhejiang Johnson Controls Wanfang Textile Technology Co and will supply major automakers in China and abroad with automotive and functional fabrics for seating and interior products.
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“Zhejiang Wanfang is well-known in the warp knitting industry for its technology, management philosophy and professional operations,” said Johnson Controls Automotive Experience general manager China, Johannes Roters.
The joint venture formation, which is subject to regulatory and other customary closing conditions, is expected to be completed by the end of this year.
Financial terms were not disclosed
