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JCI looks to private equity to sell auto electronics unit: sources

Johnson Controls Inc is speaking to private equity firms about selling its roughly $1 billion automotive electronics unit, after buyout interest from several rival auto parts suppliers faltered, according to several people familiar with the matter.The unit's performance was weaker than industry bidders had expected, disappointing some interested parties and prompting Johnson Controls to reach out to a broader group of buyers, the people said. The company had not included private equity firms earlier in the auction process, they added.U.S. auto parts makers Visteon Corp and Delphi Automotive are among the industry bidders still interested in the unit, the sources said. Huayu Automotive Systems Co, a parts maker majority owned by Chinese carmaker SAIC Motor Corp <600104.SS>, is also bidding, they said.Representatives for Delphi, Huayu and SAIC did not immediately reply to requests for comment. A spokesman for Visteon declined to comment."Johnson Controls has been marketing its electronic...

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  10. GM paid $119 million for 1 percent stake in China joint venture: filing

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