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Johnson Controls forms new Chinese joint venture for auto fabrics

Johnson Controls announced it signed an agreement with Zhejiang Wanfang New Materials to set up a new fabrics joint venture in Haining City, Zhejiang Province. The new joint venture will be called Zhejiang Johnson Controls Wanfang Textile Technology and will supply major automakers in China and abroad with automotive and functional fabrics for automotive seating and interior products. The joint venture formation, which is subject to regulatory and other customary closing conditions, is expected to be completed by the end of 2013. Financial terms regarding the transaction were not disclosed.