MILWAUKEE (AP) -- Johnson Controls Inc. says it is offering $1.25 billion for Visteon Corp.\'s automotive interiors and electronics business, saying the acquisition would expand its presence in China.
Johnson Controls says it sent a letter Thursday to Visteon expressing interest in the acquisition.
Visteon, which is based in Van Buren Township, Mich., is a major parts supplier for Ford Motor Co. and is operating under bankruptcy protection.
Johnson Controls, based in Milwaukee, says the acquisition would be a good fit within its automotive parts business. It would also give it a larger foothold in China, where Visteon is a key player and where Johnson Controls has 23 joint ventures and is looking to expand further.
