Visteon Confirms Halla Climate Control Board Approval of Agreement
to Consolidate Visteon Climate Operations into Halla
VAN BUREN TOWNSHIP, Mich.,
Jan. 10, 2013 /PRNewswire/
-- Visteon Corporation (NYSE: VC) confirmed today that the
board of directors of its Korean affiliate Halla Climate Control
Corp. (HCC) has approved a definitive agreement to consolidate most
of Visteon's automotive climate business into HCC. Approval of the
agreement by Visteon's board of directors and entry into the final
agreement are expected soon. Visteon also confirmed that the
transaction, first outlined in September
2012, is on track to be completed in the first quarter of
2013.
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Visteon owns 70 percent of HCC and would have the same ownership
level in the combined business. The consolidation would create the
second largest global supplier of automotive climate components and
systems.
About Visteon
Visteon is a leading global automotive
supplier that designs, engineers and manufactures innovative
climate, electronics and interior products for vehicle
manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in
28 countries and employs approximately 22,000 people. Learn more at
www.visteon.com.
SOURCE Visteon Corporation