DAEJEON, South Korea,
June 3, 2014 /PRNewswire/
-- Halla Visteon Climate Control Corp. (KS: 018880) today
announced the company has reached an agreement to acquire an
ownership stake in Japan Climate
Systems (JCS) Nanjing of 51
percent and become the majority shareholder. The cash transaction,
valued at $6.4 million (6.5 billion Korean Won), is subject to
adjustments and expected to be finished in the third quarter of
2014, after certain local regulatory and other processes are
completed.
Established in 1987 as a joint venture, Japan Climate Systems
(JCS) currently has an ownership structure evenly distributed among
HVCC, Mazda and Panasonic. The company is based in
Higashi-Hiroshima City, and has three wholly owned manufacturing
facilities (Nanjing, China; and Hiroshima and Yamaguchi in Japan) and operations in Malaysia and Mexico. JCS Nanjing manufactures heat
exchangers for automotive applications.
Acquiring this ownership stake in JCS Nanjing demonstrates
HVCC's commitment to address expansion and serve the growing number
of customers in China. HVCC
currently operates 11 manufacturing facilities (Beijing, Dalian, Jinan, Wuhu, Chongqing, Nanchang, Changchun, Chengdu, Foshan, Nanjing and Yancheng) and one engineering
center (Shanghai) in China. Spanning the country, these
operations enable the company to support customers in respective
regions in close proximity.
"We are pleased to have reached an agreement to acquire the
majority equity stake in JCS Nanjing," said HVCC President and CEO
YH Park. "This move leverages our longstanding relationship with
JCS and strengthens our ability to deliver shareholder value by
supporting automakers in the growing China market."
About Halla Visteon Climate Control
Halla Visteon Climate Control (HVCC) is a full-line automotive
supplier of climate systems and components. Products include
heating ventilation and air conditioning; compressors; powertrain
cooling; fluid transport; and electric, hybrid and fuel cell
vehicle thermal systems. With 35 manufacturing sites supported by
four global technical centers in 19 countries, HVCC employs nearly
14,500 people.
HVCC is a 70-percent owned subsidiary of Visteon Corporation
(NYSE: VC) and is traded on the Korea Stock Exchange. Learn more at
www.hvccglobal.com.
About Visteon
Visteon is a leading global automotive supplier delivering value
for vehicle manufacturers and shareholders through businesses
including Halla Visteon Climate Control Corp., Visteon Electronics
and Visteon Interiors. Visteon designs, engineers and manufactures
innovative components and systems for virtually every vehicle
manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 29
countries and employs about 24,000 people. Visteon had sales of
$7.4 billion in 2013. Learn more at
www.visteon.com.
SOURCE Halla Visteon Climate Control Corp.