Visteon and Special Situations Venture Partners II Sign Agreement for the Sale of Certain Chassis Operations
30 March 2007 - 7:45AM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., March 29, 2007 /PRNewswire/ -- Visteon
Corporation (NYSE:VC) and Special Situations Venture Partners II
L.P. (SSVP II), advised by private equity firm Orlando Management
GmbH, have reached a final agreement under which SSVP II will
acquire certain Visteon chassis businesses in Europe and Brazil.
The final transaction has received anti-trust clearance in Germany
and is expected to be completed in Europe in the second quarter of
2007 and in Brazil during the third quarter. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) The
agreement covers Visteon's chassis operations in Dueren and
Wuelfrath, Germany, and Praszka, Poland, and certain driveline
assets in Sao Paulo, Brazil. The facilities manufacture driveline
and steering systems for a number of global vehicle manufacturers.
Terms of the agreement were not disclosed. "This agreement is an
important part of Visteon's plan to restructure our business,
improve our base operations and position the company for growth,"
said Don Stebbins, president and chief operating officer. "These
actions demonstrate the progress Visteon is making in addressing
underperforming and non-strategic facilities. When finalized, this
transaction will enhance our ability to focus on growing our core
product areas where we have strong market positions and enable
these facilities to create value under a new ownership structure
where the products have a better strategic fit." Under the
agreement, Visteon will transfer the manufacturing facilities and
associated assets, including machinery, equipment, tooling,
inventory as well as purchase and supply contracts and certain
intellectual property rights to SSVP II. The approximately 2,400
employees currently employed in the facilities will also transfer
to the new owner. The new name of the chassis operation will be
TeDrive, and it is SSVP II's intention to structure the acquired
entities under the Dutch TeDrive Holding B.V. with the affiliates
TeDrive Germany GmbH in Dueren, TeDrive Steering GmbH in Wuelfrath,
TeDrive Poland Sp. Z.o.o. in Praszka, and TeDrive Brazil Ltda. in
Arbor. Visteon Corporation: Visteon Corporation is a leading global
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products for
vehicle manufacturers, and also provides a range of products and
services to aftermarket customers. With corporate offices in Van
Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany;
the company has facilities in 26 countries and employs
approximately 45,000 people. Special Situations Venture Partners II
L.P and Orlando Management GmbH: Orlando Management GmbH is a
Munich, Germany based private equity firm and advises the private
equity fund Special Situations Venture Partners II L.P. with total
funds of EUR 255 million. The fund focuses on manufacturing,
engineering and capital goods industries mainly in Germany,
Switzerland and Austria. The fund invests in medium sized companies
which operate in a stable market, have a strong market position
with competitive products and dedicated employees. Acquisition
candidates are mainly in a financially difficult situation despite
their healthy core business and competitive products. Visteon news
releases, photographs and product specification details are
available at http://www.visteon.com/
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
http://photoarchive.ap.org/ DATASOURCE: Visteon Corporation
CONTACT: Media, Jonna Christensen, +44 1268 701094, , or Frank
Schonenrock, +49 69 756199 27+, , or Kimberley Goode,
+1-734-710-5000, , or Investor Inquiries, Derek Fiebig,
+1-734-710-5800, , for Visteon Corporation Web site:
http://www.visteon.com/
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