Burscheid, Germany -- Johnson Controls, which provides automotive seating, interiors and electronics, announced 24 April that it is acquiring an additional 24.9 percent share in its Novo Mesto, Slovenia joint venture, called TPV Johnson Controls.
The move gives Johnson Controls a 74.9 percent stake, making it majority shareholder in the JV.
TPV Johnson Controls, owned in partnership with TPV Group, was set up in 1998, and produces complete seating systems for the Renault assembly plant in Novo Mesto.
"The Eastern European automotive market is showing dynamic growth, and we see potential in this region," said Roch Thaller, vice president and general manager Renault customer business unit, Johnson Controls Automotive Experience, in a company statement.
JCI's decision to take a majority stake will allow it "to further consolidate our presence in the Eastern European market," Thaller added.
Other recent moves by Johnson Controls include its purchase of the automotive division of Spumotim SA of Romania, a manufacturer of polyurethane foam for the automotive industry, in November 2011.
Also in late 2011, Johnson Controls bought Recticel's 35 percent stake in the seating production joint venture JP Foam Manufacturing. JP Foam was formed by Johnson Controls with Proseat, the 51/49 joint venture between Recticel and the Canadian group in Woodbridge, to mould foam seating cushions. The deal allowed each partner to carry out its own programmes in Zory, Poland and Lucenec, Slovakia -- the two manufacturing sites of the joint venture.