In a deal that will create the world's largest automotive interiors company, U.S.-based Johnson Controls is forming a joint venture with China-based Yanfeng Automotive Trim Systems Co., Ltd., which is a unit of automaker Shanghai Automotive Industry Corp. Executives of the two companies signed a definitive agreement to form the JV on May 18. The new company will be headquartered in Shanghai, with global engineering, development, and customer centers in the United States, Europe, China, Japan, and India. The product portfolio will include instrument panels and cockpit systems, door panels, and floor consoles. The transaction is subject to limited conditions and is expected to close in the first half of calendar year 2015. Yanfeng will hold a 70% share in the company, Johnson Controls 30%.