Visteon Progresses Restructuring Through Sale of Indian Powertrain Business
05 September 2007 - 6:30AM
PR Newswire (US)
CHENNAI, India, Sept. 4, 2007 /PRNewswire-FirstCall/ -- Visteon
Corporation (NYSE:VC) announces that it has completed the sale of
Visteon Powertrain Control Systems India (VPCSI) in Chennai to
Adyar River Ltd. This transaction is another restructuring action
the company has achieved to improve its business. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) The
agreement covers the VPCSI operation in Chennai which manufactures
starters and alternators for global car makers. The transaction
supports the company's strategy to invest proceeds from the sale of
non-core assets in its market-leading businesses. Employees in the
operation will continue to be employed as part of the transaction.
Terms of the agreement were not disclosed. "This is another
accomplishment in the process of restructuring our business to
focus on our key products and core technologies," said Donald J.
Stebbins, Visteon president and chief operating officer. "With this
sale, our restructuring program is now more than 50 percent
complete, and this gives us even more flexibility to improve and
grow our business." For more than seven years, Visteon, a leading
supplier of automotive climate control systems, interiors and
electronics, has had a significant presence in India where it
continues to expand and grow. Today the Visteon India footprint
includes four manufacturing plants and two technical centers,
employing more than 2,000 people. India is an important part of
Visteon's expansion in Asia, the fastest growing automotive market
in the world. Visteon has 55 facilities and 38 manufacturing plants
in Asia, which the company expects to become its largest region by
2009, generating nearly 50 percent of its revenue. 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 43,000 people. Adyar River
Limited is a joint venture between Argyle Street Management Limited
and Leticia Investments Corp. Founded in 2002, the principal
business of Argyle Street Management Limited (ASM) is management of
funds investing in special situations in Asia. Argyle manages
approximately US$800 million of assets including equity and debt
instruments as well as real estate investments under ASM, Asia
Recovery Fund (ARF), ASM Hudson River Fund (HRF), certain property
fund and discretionary accounts. Argyle's funds will be investing
in Adyar through ARF and HRF. Leticia Investments Corp. has been
actively investing and building businesses in India for more than
15 years in both the manufacturing and services sectors.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO DATASOURCE:
Visteon Corporation CONTACT: Media, Alison Wright, Director
Communications Asia, India mobile, +919940682032, +86 21 5208 1100
ext 3047, China, +86 1376 172 0228, , or Jim Fisher, Director
Corporate Communications, +1-734-710-5557, mobile, +1-734-417-6184,
, or Investors, Derek Fiebig, +1-734-710-5800, Web site:
http://www.visteon.com/
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