VAN BUREN TOWNSHIP, Mich.,
Nov. 30, 2011 /PRNewswire/
-- Visteon Corporation (NYSE: VC) and Huayu Automotive Systems
Co., Ltd. (HASCO) announced today that the companies' existing
China joint venture, Yanfeng
Visteon Automotive Trim Systems, Co. Ltd. (YFV) and Visteon have
signed a non-binding memorandum of understanding (MOU) with respect
to a potential transaction that would combine the majority of
Visteon's global interiors business with YFV.
The MOU sets forth certain of the basic terms of the proposed
transaction. Definitive agreements for the proposed sale, which
would be subject to regulatory and other approvals, are targeted to
be signed in early 2012. Other terms were not disclosed. There can
be no assurance that definitive agreements will be entered into or
that such transaction will be completed in the timetable on the
terms referred to above.
The transaction would further broaden the strategic partnership
between Visteon and HASCO and is expected to greatly enhance YFV's
global manufacturing and engineering footprint. The transaction,
once completed, would result in a leading global interiors company
within YFV with estimated annual revenue of approximately
$4 billion, serving more than 30
customers from over 60 facilities in 16 countries.
"Visteon is very pleased that the signing of the MOU takes our
longstanding joint venture with HASCO and SAIC into a global
partnership fully enabled to support our key customers around the
world," said Donald J. Stebbins,
Visteon chairman, chief executive officer and president.
"The signing of this MOU represents an important step toward the
fulfillment of our strategy to create a leading global interior
company," said Mr. Ma Zhengang, Yanfeng
Visteon standing deputy general manager. "Our technical and
manufacturing footprint will give us unmatched capability to
support all our customers in key growth and emerging markets."
Visteon is a leading global automotive supplier that designs,
engineers and manufactures innovative climate, electronic, interior
and lighting products for vehicle manufacturers. With corporate
offices in Van Buren Township,
Mich. (U.S.); Shanghai,
China; and Chelmsford, UK;
the company has facilities in 27 countries and employs
approximately 27,000 people. Learn more at www.visteon.com.
Yanfeng Visteon Automotive Trim Systems Co., Ltd. is a joint
venture between Visteon Corporation and Shanghai Automotive
Industry Corporation's automotive components group, Huayu
Automotive Systems. As a leading automotive supplier, YFV designs
and manufactures interior, exterior, seating, electronics and
safety systems for automakers in China and abroad. Headquartered in
Shanghai, YFV employs
approximately 29,000 employees in more than 87 facilities across
China and overseas.
SOURCE Visteon Corporation