Johnson Controls Bids For Visteon Operations (JCI, F)

Johnson Controls has submitted a $1.25 billion bid to buy Visteon Corp.'s interiors and electronics businesses. Johnson Controls’ (JCI) chief executive officer Stephen A. Roell said, “We believe that Visteon's interiors and electronics businesses would be an excellent strategic fit with our automotive experience business.” The company further stated that a pairing of the two auto parts suppliers could have sales of $7 billion in China. Reuters reported that Johnson Controls had earlier approached Visteon in January. Visteon is a former unit of Ford Motor Company F, and had filed for Chapter 11 about a year ago. The company reported its first-quarter net income at $233 million, up from $2 million a year earlier.