Johnson Controls forms interiors JV with Plastech

摘要

Tier One automotive supplier Plastech Engineered Products (Dearborn,MI) will emerge from bankruptcy in a new joint venture with Johnson Controls Inc.(JCI; Plymouth,MI),wherein Johnson Controls will hold a majority 70% stake in a business built off the interior product assets of Plastech.Creating a company with 29 plants in North America,to which JCI contributed five injection molding facilities and 135 million in cash,the deal's constituents believe the resulting venture will break even in 2009 and increase earnings/share by fiscal 2010.