VAN BUREN TOWNSHIP, Mich.,
July 4, 2012 /PRNewswire/ -- Visteon
Corporation (NYSE: VC) and Huayu Automotive Systems Co., Ltd.
(HASCO) today announced that after thorough discussions and a
complete review of opportunities and options, the companies have
agreed to terminate the nonbinding memorandum of understanding
(MOU) with respect to a potential transaction that would have
combined the majority of Visteon's global interiors business with
Yanfeng Visteon Automotive Trim Systems, Co. Ltd (YFV).
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"In a thoughtful and productive way, both parties worked hard to
move the agreement forward, but there were a number of items that
kept us from doing so," said Don
Stebbins, Visteon chairman, chief executive officer and
president. "Visteon will now seek alternative solutions to maximize
value creation while maintaining a sharp focus on quality,
technology development and innovation for our global customers,
including Yanfeng Visteon. Creating
value is our top priority."
Visteon at a Glance
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 25,000 people. Learn more
at www.visteon.com.
SOURCE Visteon Corporation