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, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI traded higher by 0.34% or $0.15/share to $44.78. In the past year, the shares have traded as low as $34.40 and as high as $52.50. On average, 3710020 shares of JCI exchange hands on a given day and today's volume is recorded at 2709244.
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