Visteon Sells Non-Core North American Aftermarket Facilities
02 February 2008 - 8:05AM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Feb. 1, 2008 /PRNewswire-FirstCall/ --
Visteon Corporation (NYSE:VC) has sold its non-core North
American-based aftermarket underhood and remanufacturing facilities
to Centrum Equities, XV, LLC, an affiliate of Centrum Properties,
Inc. The operations sold include a manufacturing plant in Sparta,
Tenn., and two plants in Reynosa, Mexico. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) Specific
terms of the transaction were not disclosed. The sale does not
include aftermarket mobile electronics products, which Visteon
maintains as part of its electronics group. "This transaction is
another step in our plan to restructure, improve and grow our
business by focusing on strategic product lines, including advanced
climate, interiors and electronics products," said Donald J.
Stebbins, Visteon president and chief operating officer. "We are
pleased to be acquiring this business as part of our growth
strategy," said Terry Howard, chief executive officer of Centrum
Equities XV, LLC. Arthur Slaven, co-founder of Centrum Properties,
based in Chicago, Ill., added: "We are excited about this
investment and look forward to future growth opportunities across
the automotive aftermarket." Visteon's Sparta, Tenn., facility
(known as LTD Parts) manufactures starters and alternators for
aftermarket customers. The two Reynosa, Mexico, facilities
manufacture aftermarket climate products -. including radiators,
compressors and condensers -. and also remanufacture steering pumps
and gears. 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.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
http://photoarchive.ap.org/ DATASOURCE: Visteon Corporation
CONTACT: Media, Jim Fisher, +1-734-710-5557, , or Melissa Andrade,
+1-734-710-5546, ; or Investors, Derek Fiebig, +1-734-710-5800, ,
all of Visteon Corporation Web site: http://www.visteon.com/
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