DAEJEON, Korea, June 30, 2014
/PRNewswire/ -- Halla Visteon Climate Control Corp. (KS: 018880)
has agreed to purchase the automotive thermal and emissions product
line of Cooper-Standard Automotive Inc., a subsidiary of
Cooper-Standard Holdings Inc. (NYSE: CPS), in a move that will
expand its thermal energy management product portfolio and further
diversify its customer base.
The cash transaction, valued at $46
million and subject to adjustment and certain regulatory and
other approvals, is targeted for completion in the third quarter of
2014.
The business to be acquired encompasses a range of automotive
products that will support increased fuel efficiency and reduced
emissions. Products include exhaust gas recirculation modules
(EGRs), electronic coolant pumps and valves; electronic wastegate
actuators and electronic throttle bodies.
"This acquisition builds on HVCC's thermal energy management
offering, and enhances the company's competitive position as a
system and module supplier through solutions that deliver value to
customers, investors and employees," said YH Park, HVCC president
and CEO.
HVCC plans to transfer production of these products from
Cooper Standard to existing HVCC
locations upon completion of the transaction. Physical assets will
transfer to HVCC from Cooper
Standard operations in North
America, Germany,
France and the Czech Republic. In addition, the parties
intend for certain engineering resources in North America and Germany to transfer as part of the
transaction.
"Cooper Standard's thermal and
emissions business has strong products, technology and customer
relationships," Park noted. "HVCC and Cooper Standard are committed to completing this
transaction in a quick and efficient manner, and ensuring a smooth
transition for customers, suppliers and the employees
involved."
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.