GLENDALE, WI (WTAQ) - Another part of Wisconsin's largest company is being sold.
Visteon -- an auto parts supplier from Michigan -- said Monday it would buy Johnson Controls' automotive electronics business for $265 million.
Johnson Controls, of Glendale, has been selling off a number of its automotive business lines. It has received about $1 billion from those sales so far.
Visteon is based in Van Buren Township Michigan. It has about 4,800 employees and seven research and development facilities throughout the world.
Visteon now gets close to $1.33 billion in annual sales. It says the deal will provide another $3 billion in automotive cockpit electronics' sales.
It's expected to close in the second quarter of the year.
Johnson Controls' main businesses are heating and ventilation systems for large buildings -- plus high-tech auto batteries.
Stocks of both companies rose in early trading on Wall Street Monday. Johnson Controls' stock rose 1.3 percent, to $52.25 per share. Visteon rose 3.5 percent to $88 a share.
(Story courtesy of Wheeler News Service)