Visteon says it has completed the acquisition of Johnson Controls’ automotive electronics business for US$265m.
The deal creates one of the world’s three largest suppliers of vehicle cockpit electronics, following initial announcement of the plans on 13 January this year.
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The combined global electronics enterprise has more than US$3bn in annual revenue, with a number two global position in driver information and what Visteon says is “above-average growth rates” for the cockpit electronics segment, supplying nine of the world’s ten largest vehicle manufacturers.
“This acquisition is a milestone in Visteon’s transformation, which we are confident will greatly benefit our customers, investors and new and existing employees around the world,” said Visteon CEO and president, Timothy Leuliette.
“As a cornerstone of our value creation plan, this transaction solidifies cockpit electronics as one of Visteon’s two high-growth core growth businesses, along with vehicle thermal management systems, in which we hold the number two position globally.”
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