According to reports, Johnson Controls has announced HomeLink considering its automotive electronics business sold Gentex Corporation, part of the transaction accounts for about half the proportion of the automotive electronics business.
Johnson Controls stated that it will resell HomeLink’s automotive electronics business to Jingtai at a price of US$700 million, which has been achieved to facilitate the transaction. This part of the business has been removed from other electronic businesses; HomeLink production line is expected to complete the transaction by the end of September 2013. The rest of the automotive electronics business is expected to be sold at the next quarterly earnings report.
HomeLink is an on-board system that allows drivers to automatically open garage doors, lighting and security systems remotely. The system has been integrated with Jingtai's products for 10 years. Ravi Shanker, an analyst at Morgan Stanley, called the deal "best for the quarter," noting that HomeLink currently contributes half of Johnson Controls' automotive electronics business. The actual value of the entire business is up to $1 billion.
Jingtai's main products are automatic brightness-adjusting rearview mirrors and camera-based driver assistance systems. The company expects the transaction will increase annual revenue by 1.25 to 150 million US dollars.
In addition to its automotive electronics business, Johnson Controls also includes automotive interiors, batteries, building heating, cooling and ventilation systems.
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