Johnson Controls Announces Joint Venture

Johnson Controls announced that it has formed a joint venture to acquire the interior product assets of Plastech Engineered Products of Dearborn, Michigan.
Plastech filed for bankruptcy in February 2008.
Johnson Controls owns 70% of the joint venture. Certain Plastech term lenders hold the minority position.
Johnson Controls said it contributed US$135 million in cash and five injection molding plants to the joint venture.
The lenders contributed their rights to receive Plastech’s interiors assets obtained in exchange for certain Plastech debt.
The joint venture includes 29 plants in North America.
The products the joint venture manufactures include injection molded components and assemblies such as door panels and floor consoles.