VAN BUREN TOWNSHIP, Mich. -- Johnson Controls Inc. (JCI) on Friday announced it sent a letter to Visteon Corp. expressing interest in acquiring its interiors and electronics businesses. JCI offered $1.25 billion in cash for the businesses, subject to due diligence, the execution of a definitive agreement and the approval of the Johnson Controls board of directors.

Johnson Controls initially contacted Visteon regarding its interest in the businesses in January and again on May 7 and May 20.

"We believe that Visteon's interiors and electronics businesses would be an excellent strategic fit with our Automotive Experience business," said Stephen Roell, Johnson Controls chairman and CEO. "This acquisition would significantly expand our automotive interior technologies and capabilities. It would provide global scale and complementary products to our automotive electronics offerings. Importantly, it would broaden and deepen our global automotive customer relationships."

Visteon interiors and electronics businesses are leaders in the fast-growing Chinese automotive interiors industry. Johnson Controls has 23 joint ventures and 40 manufacturing facilities in China. With the addition of Visteon's operations, Johnson Controls Automotive Experience consolidated and non-consolidated revenues in China could exceed an estimated $7 billion in 2011. Additionally, JCI claims that Visteon's major customers and Chinese joint venture partner support the transaction.

Visteon confirmed receipt of an unsolicited proposal from Johnson Controls, and commented that despite a request for additional information, JCI's proposal lacked important information and was "vaguely defined."

Visteon also noted that, "This proposal has surfaced very late and at a critical point in our Chapter 11 process. Johnson Controls is a direct competitor that stands to benefit by introducing delay and complexity into the Visteon reorganization process. Visteon has had extensive and difficult experiences with Johnson Controls in prior transactions. We are mindful that exploring a transaction of this size and scope at this time could distract the company from its primary objective of completing the ongoing reorganization process in a manner that enhances value for all of our constituents."

Johnson Controls said it believes its offer would provide superior value to Visteon's stakeholders and that it could move quickly, assuming Visteon's cooperation. It also said it expects the acquisition would have meaningful cost synergies.

Visteon, however, said it will continue on its path toward emerging from Chapter 11 bankruptcy protection, with a disclosure statement hearing scheduled for May 24.

Shares in Visteon jumped on Friday, following reports of JCI's bid.