AUTOMOTIVE PRODUCTS

Johnson Controls to Purchase Prince Automotive: The major supplier of car seats agreed to acquire closely held Prince Automotive for $1.35 billion, bolstering its position as a worldwide supplier of car and truck interiors. Holland, Mich.-based Prince is a leader in automotive consoles, interior roofing and auto-related electronics. Milwaukee-based Johnson Controls Inc. is one of the world’s two largest seating suppliers along with Lear Corp. The proposed acquisition is another sign of consolidation in the global automotive supplier industry. Companies are combining to design and build component systems, not just individual parts, that can be shipped to auto plants worldwide for easy assembly. Johnson Controls did not immediately say how it would finance the proposed acquisition.