Johnson Controls Inc, is eyeing buyers for its possible selling of its $1 billion automotive electronics arm, after recent failures of rival automotive parts suppliers to get any significant buyout interest, according to Reuters.
Johnson Controls' auto unit was below than the bidders in the industry expected. This prompted a weaker showing to probable investors and interested parties. Due to this, Johnson Controls looked to other buyers. Delphi Automotive is no longer pursuing a deal with the company. It was previously known that Delphi expressed interest in the buyout.
The firms which remained interested in the United States-based automotive company is Visteon Corporation and Huayu Automotive Systems Co. Huayu is a Chinese company owned partly by SAIC Motor Group, a car company based in China.
Johnson Controls said in a statement that the company has been "marketing its electronics business for divestiture." They said that they have already gained possible buyers from different sectors.
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