US Market News
2 months ago
Visteon Announces Solid First Quarter 2026 Financial Results and Reaffirms Full-Year Guidance Driven by Strong Customer DemandApril 23, 2026 6:55 AM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., April 23, 2026 /PRNewswire/ -- Visteon Corporation (NASDAQ: VC) today reported first quarter financial results. Highlights include:
Sales of $954 million with Growth-over-Market of 3%1Net income attributable to Visteon of $31 millionAdjusted EBITDA of $104 millionOperating cash flow of $6 million and adjusted free cash flow of ($23) million Strong balance sheet with net cash of $385 million at quarter endNew business wins of $1.0 billion and 20 new product launchesContinued SmartCore™ HPC momentum with third customer win in ChinaReturned $40 million to shareholders through share repurchases and dividendsFirst Quarter ResultsVisteon reported net sales of $954 million, compared to $934 million in the prior year, an increase of 2% year-over-year. Despite industry and customer vehicle production being down 3% and 4%, respectively, the Company delivered growth-over-market of 3%1, driven by the ramp-up of recent product launches and robust customer demand.Gross margin in the first quarter was $113 million. Net income attributable to Visteon was $31 million or $1.14 per diluted share. Adjusted EBITDA, a non-GAAP measure defined below, was $104 million, reflecting a solid operational performance in a dynamic supply chain environment. Margin performance in the quarter was impacted by elevated semiconductor and other supply chain-related costs partially offset by commercial recoveries and other operational cost reductions.For the first three months of 2026, cash from operations was $6 million, capital expenditures were $36 million, and adjusted free cash flow, a non-GAAP measure defined below, was an outflow of $23 million. The Company ended the first quarter with cash of $682 million and debt of $297 million. During the quarter, Visteon repurchased $30 million of shares and paid $10 million in dividends, reflecting the Company's balanced approach to capital allocation. The Company's strong balance sheet, with a net cash position of $385 million, provides flexibility to continue investing in the business while supporting future capital allocation priorities.Visteon secured $1.0 billion in new business in the first quarter, led by clusters, cockpit domain controllers, and continued traction in the Company's strategic growth areas. Highlights included a SmartCore™ high-performance compute ("HPC") domain controller system win for a premium brand of a domestic Chinese OEM. This win marks Visteon's third customer win for AI-capable smart cockpit systems in China and further strengthens its SmartCore™ HPC portfolio. The Company also won a SmartCore™ cockpit domain controller program for vehicles in India and other emerging markets, adding a new customer relationship in an important growth market. Additional awards included digital clusters across passenger vehicle and commercial vehicle platforms, as well as a follow-on two-wheeler cluster award in Asia.Visteon launched 20 new products in the first quarter across 11 customers, reflecting strong execution across key regions and platforms, and supporting the Company's near-term growth outlook. Highlights included Visteon's first launch with Lexus, featuring a driver display on the fully redesigned Lexus ES. Additional launches included a digital cluster on the all-new Infiniti QX65 crossover in North America and a display cluster on JMC-Ford's electrified Bronco in China. In India, the Company also delivered strong launch activity across programs including Hyundai Verna, Tata Tiago, and Renault Duster."Our first quarter results reflect strong continued execution across our strategic priorities in a dynamic supply chain environment," said President and CEO Sachin Lawande. "We are very pleased with overall performance, especially in support of our customers' high-profile vehicle launches, particularly with Lexus and Infiniti."Reaffirming Full-Year 2026 GuidanceVisteon is reaffirming its full-year 2026 guidance. The Company continues to expect sales in the range of $3.625 billion to $3.825 billion, adjusted EBITDA in the range of $455 million to $495 million, and adjusted free cash flow in the range of $170 million to $210 million.The Company's reaffirmed guidance reflects a strong start to the year, continued customer demand resilience, and the benefit of upcoming product launches, which are expected to offset the softer industry production outlook, particularly in the second half. The Company's guidance assumes that memory supply will not impact customer production volumes. Visteon continues to expect margin improvement over the balance of the year, supported by customer recoveries and ongoing cost actions.About VisteonVisteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. In 2025, the Company recorded annual sales of approximately $3.77 billion and secured $7.4 billion in new business. For more information, visit visteon.com.Conference Call and PresentationToday, Thursday, April 23, at 9 a.m. ET, the Company will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.The dial-in numbers to participate in the call are:U.S./Canada: 1-888-330-2508
Outside U.S./Canada: 1-240-789-2735
Conference ID: 8897485 (Call approximately 10 minutes before the start of the conference.)The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon's website.__Use of Non-GAAP Financial Information Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.Forward-looking InformationThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries;continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers;failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China;conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China;general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold;disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; andthose factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission).Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.Visteon Contacts: Media:
Media@Visteon.comInvestors:
Investor@visteon.com VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(In millions except per share amounts) (Unaudited)
Three Months Ended
March 31,
2026
2025
Net sales$ 954
$ 934Cost of sales(841)
(796)Gross margin113
138Selling, general and administrative expenses(54)
(47)Restructuring, net(18)
—Interest income, net2
1Equity in net income (loss) of non-consolidated affiliates2
2Other income (expense), net4
1Income (loss) before income taxes49
95Provision for income taxes(16)
(26)Net income (loss)33
69Less: Net (income) loss attributable to non-controlling interests(2)
(2)Net income (loss) attributable to Visteon Corporation$ 31
$ 67
Comprehensive income (loss)$ 22
$ 89Less: Comprehensive (income) loss attributable to non-controlling interests(3)
(3)Comprehensive income (loss) attributable to Visteon Corporation$ 19
$ 86
Basic earnings (loss) per share attributable to Visteon Corporation$ 1.16
$ 2.46
Diluted earnings (loss) per share attributable to Visteon Corporation$ 1.14
$ 2.44
Average shares outstanding (in millions)
Basic26.8
27.2Diluted27.3
27.5 VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In millions)
(Unaudited)
March 31,
December 31,
2026
2025ASSETS
Cash and equivalents$ 680
$ 771Restricted cash2
2Accounts receivable, net675
613Inventories, net316
269Other current assets148
130Total current assets1,821
1,785
Property and equipment, net516
524Intangible assets, net216
222Right-of-use assets135
126Investments in non-consolidated affiliates31
29Deferred tax assets513
511Other non-current assets191
189Total assets$ 3,423
$ 3,386
LIABILITIES AND EQUITY
Short-term debt$ 18
$ 18Accounts payable613
540Accrued employee liabilities98
122Current lease liability24
21Other current liabilities300
291Total current liabilities1,053
992
Long-term debt, net279
283Employee benefits83
88Non-current lease liability115
109Deferred tax liabilities52
51Other non-current liabilities199
212
Stockholders' equity:
Common stock1
1Additional paid-in capital1,389
1,398Retained earnings2,859
2,838Accumulated other comprehensive loss(252)
(240)Treasury stock(2,441)
(2,429)Total Visteon Corporation stockholders' equity1,556
1,568Non-controlling interests86
83Total equity1,642
1,651Total liabilities and equity$ 3,423
$ 3,386 VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)
Three Months Ended
March 31,
2026
2025OPERATING
Net income (loss)$ 33
$ 69Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:
Depreciation and amortization29
25Non-cash stock-based compensation12
11Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted(2)
(2)Tax valuation allowance expense (benefit)—
(2)Other non-cash items—
(1)Changes in assets and liabilities:
Accounts receivable(71)
(24)Inventories(51)
(20)Accounts payable89
51Other assets and other liabilities(33)
(37)Net cash provided from operating activities6
70INVESTING
Capital expenditures, including intangibles(36)
(35)Net investment hedge transactions(12)
1Other—
1Net cash used by investing activities(48)
(33)FINANCING
Principal repayment of term debt facility(4)
(4)Dividends to non-controlling interests—
(4)Dividend to shareholders(10)
—Repurchase of common stock(30)
(7)Stock-based compensation tax withholding payments(7)
(6)Proceeds from the exercise of stock options4
3Net cash used by financing activities(47)
(18)Effect of exchange rate changes on cash(2)
13Net increase (decrease) in cash, equivalents, and restricted cash(91)
32Cash, equivalents, and restricted cash at beginning of the period773
626Cash, equivalents, and restricted cash at end of the period$ 682
$ 658VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended
Estimated
March 31,
Full YearVisteon:2026
2025
2026Net income (loss) attributable to Visteon Corporation*$ 31
$ 67
$ 190 Depreciation and amortization29
25
120 Restructuring, net18
—
25 Provision for (benefit from) income taxes*16
26
90 Non-cash, stock-based compensation expense12
11
50 Interest (income) expense, net(2)
(1)
(5) Net income (loss) attributable to non-controlling interests2
2
10 Equity in net loss (income) of non-consolidated affiliates(2)
(2)
(10) Other, net—
1
5Adjusted EBITDA$ 104
$ 129
$ 4752
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of
U.S. deferred tax assets described in the Company's 2025 Form 10-K.Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Estimated
March 31,
Full YearVisteon:2026
2025
2026Cash provided from operating activities$ 6
$ 70
$ 320Capital expenditures, including intangibles (36)
(35)
(150)Free cash flow$ (30)
$ 35
$ 170Restructuring related payments7
3
20Adjusted free cash flow$ (23)
$ 38
$ 1903Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended
March 31,
2026
2025Net income (loss) attributable to Visteon*$ 31
$ 67
Diluted earnings (loss) per share:
Net income (loss) attributable to Visteon*$ 31
$ 67Average shares outstanding, diluted27.3
27.5Diluted earnings (loss) per share$ 1.14
$ 2.44
Adjusted net income (loss) and adjusted earnings (loss) per share:
Net income (loss) attributable to Visteon*$ 31
$ 67Restructuring, net18
—Other—
1Tax impacts of adjustments(4)
—Adjusted net income (loss)$ 45
$ 68Average shares outstanding, diluted27.3
27.5Adjusted earnings (loss) per share$ 1.65
$ 2.47
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of
U.S. deferred tax assets described in the Company's 2025 Form 10-K.Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes._____________1 Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution.2 Based on mid-point of the range of the Company's financial guidance3 Based on mid-point of the range of the Company's financial guidance
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Original: Visteon Announces Solid First Quarter 2026 Financial Results and Reaffirms Full-Year Guidance Driven by Strong Customer Demand
US Market News
3 months ago
Visteon Launches Edge-to-Cloud AI Platform for Intelligent Vehicles Powered by NVIDIA TechnologiesMarch 16, 2026 4:00 PM
PR Newswire (US)
New collaboration enables production-ready, regionally governed AI deployment across global automaker platformsVAN BUREN TOWNSHIP, Mich., March 16, 2026 /PRNewswire/ -- Visteon Corporation (NASDAQ: VC), a global leader in automotive technology, today announced they will develop and deploy an edge-to-cloud AI arbitration architecture for software-defined vehicles with NVIDIA technology. The platform dynamically distributes AI workloads between on-device hardware and cloud infrastructure, optimizing for speed, privacy, and connectivity in real time.
Designed to support the next generation of intelligent vehicles, the architecture enables seamless AI deployment across markets while addressing data governance, regulatory compliance, and performance requirements. It establishes a production-ready foundation for deploying and scaling AI-driven features across vehicle platforms. Visteon delivers this as a fully integrated solution, combining AI model training and optimization with the complete automotive-grade AI operating system (AIOS) stack required to run, manage, and scale AI in production.At the core of the system is runtime intelligence that determines where workloads execute. Latency-sensitive functions remain at the vehicle edge for privacy, while larger reasoning models for fleet learning and predictive maintenance leverage the cloud. This evolution expands Visteon's capabilities into cloud-based AI deployment to encompass the full edge-to-cloud pipeline. The collaboration builds on the AI-ADAS Compute Module unveiled at the Consumer Electronics Show (CES) earlier this year, powered by NVIDIA DRIVE AGX Orin and NVIDIA DriveOS by leveraging NVIDIA's open-source TensorRT-Edge-LLM inference SDK. This latest advancement takes the platform a step further by integrating advanced generative AI capabilities and extending the architecture with NVIDIA Nemotron open models and NVIDIA NIM microservices.Together, the companies are delivering a unified framework spanning vehicle edge compute and sovereign cloud environments to support real-time inference, continuous model evolution and scalable software deployment.A central pillar of the platform is a trusted AI foundation built on NVIDIA Nemotron models spanning speech, vision, retrieval-augmented generation (RAG), and large language capabilities. Automakers retain full control over data residency, model configuration and compliance strategy, while Visteon handles the complete integration layer - fine-tuning models for automotive-grade performance, and providing the full AIOS software required to orchestrate workloads, manage model batching, memory, and lifecycle across both edge and cloud environments.In automotive applications, the architecture powers agent-centric in-cabin assistants with built-in safety monitoring, contextual awareness, and personalized user experiences.Aligned with NVIDIA AI Factory principles, the platform is engineered for global scale. Visteon will apply the architecture to expand flexible compute strategies across its product portfolio, strengthening its position in AI-enabled software-defined mobility.About VisteonVisteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. In 2025, the company recorded annual sales of approximately $3.77 billion and secured $7.4 billion in new business. For more information, visit visteon.com.Visteon ContactsMedia:
Media@Visteon.comInvestors:
Investors@Visteon.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/visteon-launches-edge-to-cloud-ai-platform-for-intelligent-vehicles-powered-by-nvidia-technologies-302714554.htmlSOURCE Visteon Corporation
Original: Visteon Launches Edge-to-Cloud AI Platform for Intelligent Vehicles Powered by NVIDIA Technologies
US Market News
4 months ago
Visteon Delivers Record Gross Margin and Adjusted EBITDA in 2025February 19, 2026 6:55 AM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Feb. 19, 2026 /PRNewswire/ -- Visteon Corporation (NASDAQ: VC) today reported fourth quarter and full-year 2025 financial results. Highlights include:
$948 million net sales in Q4 and $3,768 million for the full yearNet income of $74 million in Q4 and $201 million for the full yearQ4 earnings per share (EPS) of $2.67 and adjusted EPS of $2.96Adjusted EBITDA of $110 million in Q4 and record $492 million for the full yearOperating cash flow of $410 million and adjusted free cash flow of $292 million for the full yearLaunched 86 new products and won record $7.4 billion of new business in 2025 Repurchased $57 million of shares in 2025Increasing quarterly dividend in Q1 2026 by 36% to $0.375 per shareFourth Quarter Financial ResultsVisteon reported net sales of $948 million, reflecting solid demand for cockpit products. Sales performance was supported by continued strength in displays and clusters, particularly in Europe, partially offset by lower battery management system (BMS) volumes and previously disclosed customer production disruptions, including the temporary shutdown at Jaguar Land Rover and the impact of the Novelis fire affecting Ford. For the quarter, we delivered 7% market outperformance relative to Visteon customer vehicle production globally, driven primarily by display growth and new program launches.Gross margin in the fourth quarter was $122 million. Net income attributable to Visteon was $74 million, or $2.67 per diluted share. Net income decreased from the prior year, primarily due to year-over-year changes in the Company's valuation allowance assessment. The decline also reflects slightly lower adjusted EBITDA, and a non-cash charge related to the transfer of a portion of the Company's U.S. defined benefit pension obligations to a third-party insurer. Adjusted EBITDA was $110 million, representing a margin of 11.6%. Results reflect continued operating discipline and productivity across the business. The Company benefited from a one-time customer recovery that was more than offset by specific warranty expense.Full-Year Financial ResultsVisteon reported full-year 2025 net sales of $3,768 million. Sales performance reflected continued strength in digital cockpit electronics, partially offset by lower battery management system (BMS) volumes and reduced customer recoveries. Visteon delivered approximately 2% growth-over-market globally, absorbing a 7% growth-over-market headwind from BMS and China.Gross margin for the full year was $532 million. Net income attributable to Visteon was $201 million, or $7.28 per diluted share, reflecting a decline from the prior year due to year-over-year changes in the Company's valuation allowance assessment, offset in part by lower restructuring costs and higher earnings from non-consolidated affiliates.Adjusted EBITDA was a record $492 million representing a margin of 13.1%. The results reflect the benefit of strong operational performance, cost and commercial discipline, and continued progress on our vertical integration and insourcing initiatives.Cash provided by operations was $410 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, was $292 million. Cash flow benefited from the strong year-over-year improvement in adjusted EBITDA and disciplined capital investments.Visteon continued to execute on its balanced capital allocation strategy. During 2025, the company repurchased $57 million of shares, initiated a quarterly dividend, and invested $50 million in acquisitions. In addition, on February 18, 2026, the Company's Board of Directors increased the quarterly dividend to $0.375 per share on its common stock. The dividend is payable on March 16, 2026, to shareholders of record as of the close of business on March 2, 2026.New Business Wins and Product Launch HighlightsVisteon won a record $7.4 billion of new business with strong representation in all digital cockpit product categories. Wins included $3.6 billion of displays, $2.1 billion of SmartCore™ and infotainment including a High-Performance Compute program with integrated edge AI, $1.4 billion of clusters, and $0.3 billion of electrification business.Highlights during the fourth quarter include a center information display for a heavy-duty trucks platform for a North American OEM, a display and infotainment system for SUV and truck models for a Japanese OEM, a driver display for an entry-level sedan in China for a Japanese OEM, and our third SmartCore™ HPC win with a domestic Chinese OEM. We also secured $1.1 billion of new business in the commercial vehicle and two-wheeler segments, demonstrating our continued expansion into adjacent markets.Visteon launched 86 new products across 19 OEM customers in 2025, including an increasing mix of hybrid, multi-powertrain, and adjacent-market programs. Launches were balanced regionally, with roughly one-third in each key region - Americas, Europe, and Asia. Key fourth quarter launches included a SmartCore™ and multi-display system with Mahindra for the popular XUV7XO in India, a SmartCore™ for the Zeekr 7 electric SUV in China, and digital clusters on the Toyota Corolla in China and Tata Sierra in India. Other launches included a hybrid cluster for Ford's best-selling vehicle, the F-150, and a center display on the Mazda CX-5 in China.Outlook for 2026Visteon's full-year 2026 guidance anticipates sales in the range of $3.625 billion to $3.825 billion, adjusted EBITDA in the range of $455 million to $495 million, and adjusted free cash flow in the range of $170 million to $210 million."2025 was another year of disciplined execution and strategic progress for Visteon," said President and CEO Sachin Lawande. "Looking ahead, 2026 is about positioning the company for the next phase of growth -- scaling our next-generation cockpit platforms, deepening engagement with growth-oriented customers, and expanding into adjacent markets."About VisteonVisteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. In 2025, the company recorded annual sales of approximately $3.77 billion and secured $7.4 billion in new business. For more information, visit visteon.com.Conference Call and PresentationToday, Thursday, Feb. 19, at 9 a.m. ET, Visteon will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.The dial-in numbers to participate in the call are:U.S./Canada Participants Toll-Free Dial-In Number: 1-888-330-2508International Participants Toll Dial-In Number: 1-240-789-2735Conference ID: 8897485(Dial-in approximately 10 minutes before the start of the conference.)__Use of Non-GAAP Financial Information Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.In order to provide the forward-looking non-GAAP financial measures for full-year 2026, the Company provides reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the Company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.Forward-looking Information This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries;continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors including DRAM, and particularly those who are our sole or primary sources;failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China;conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;our ability to grow its business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China;general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold;disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; andthose factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission).Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.Visteon Contacts Media:
Media@Visteon.comInvestors:
Investor@Visteon.com VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(In millions except per share amounts)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
Net sales$ 948
$ 939
$ 3,768
$ 3,866Cost of sales(826)
(805)
(3,236)
(3,335)Gross margin122
134
532
531Selling, general and administrative expenses(54)
(55)
(202)
(207)Restructuring, net(4)
(1)
(8)
(32)Interest expense(3)
(3)
(13)
(15)Interest income6
5
22
17 Equity in net income (loss) of non-consolidated affiliates3
4
8
(3) Other income (loss), net(5)
—
(1)
7Income (loss) before income taxes65
84
338
298Benefit from (provision for) income taxes13
44
(125)
8Net income (loss)78
128
213
306Less: Net (income) loss attributable to non-controlling interests(4)
(3)
(12)
(10) Net income (loss) attributable to Visteon Corporation$ 74
$ 125
$ 201
$ 296
Comprehensive income$ 93
$ 88
$ 286
$ 260Less: Comprehensive income attributable to non-controlling
interests4
6
19
16Comprehensive income attributable to Visteon Corporation89
82
267
244
Earnings per share data:
Basic earnings (loss) per share attributable to Visteon Corporation$ 2.73
$ 4.55
$ 7.39
$ 10.72
Diluted earnings (loss) per share attributable to Visteon Corporation$ 2.67
$ 4.48
$ 7.28
$ 10.61
Average shares outstanding (in millions)
Basic27.1
27.5
27.2
27.6Diluted27.7
27.9
27.6
27.9 VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In millions)
December 31,
December 31,
2025
2024ASSETS
Cash and equivalents$ 771
$ 623Restricted cash2
3Accounts receivable, net613
578Inventories, net269
283Other current assets130
109Total current assets1,785
1,596
Property and equipment, net524
452Intangible assets, net222
152Right-of-use assets126
100Investments in non-consolidated affiliates29
27Deferred tax assets511
545Other non-current assets189
94Total assets$ 3,386
$ 2,966
LIABILITIES AND EQUITY
Short-term debt$ 18
$ 18Accounts payable540
505Accrued employee liabilities122
107Current lease liability21
29Other current liabilities291
257Total current liabilities992
916
Long-term debt, net283
301Employee benefits88
127Non-current lease liability109
78Deferred tax liabilities51
43Other non-current liabilities212
87
Stockholders' equity:
Common stock1
1Additional paid-in capital1,398
1,376Retained earnings2,838
2,652Accumulated other comprehensive loss(240)
(306)Treasury stock(2,429)
(2,390)Total Visteon Corporation stockholders' equity1,568
1,333Non-controlling interests83
81Total equity1,651
1,414Total liabilities and equity$ 3,386
$ 2,966 VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024OPERATING
Net income$ 78
$ 128
$ 213
$ 306 Adjustments to reconcile net income (loss) to net cash provided from
operating activities:
Depreciation and amortization29
25
109
96Non-cash stock-based compensation11
10
45
41Equity in net income of non-consolidated affiliates, net of dividends
remitted4
1
(1)
8U.S. deferred tax benefit(6)
(45)
55
(71)Other non-cash items8
(1)
5
9Changes in assets and liabilities:
Accounts receivable(37)
116
6
61Inventories43
24
30
1Accounts payable(10)
(35)
(4)
(32)Other assets and other liabilities(2)
(20)
(48)
8Net cash provided from operating activities118
203
410
427INVESTING
Capital expenditures, including intangibles(45)
(41)
(133)
(137)Acquisition of business, net of cash required—
(7)
(50)
(55)Loan provided to non-consolidated affiliate—
—
—
(5)Loan repayment from non-consolidated affiliate—
5
—
5Other, net—
2
2
3Net cash used by investing activities(45)
(41)
(181)
(189)FINANCING
Principal repayment of term debt facility(5)
(5)
(18)
(18)Dividends paid to non-controlling interests(1)
(12)
(21)
(12)Cash paid for dividends(7)
—
(15)
—Repurchase of common stock(50)
(43)
(57)
(63)Stock based compensation tax withholding payments(1)
—
(8)
(7)Proceeds from the exercise of stock options—
—
3
—Net cash used by financing activities(64)
(60)
(116)
(100)Effect of exchange rate changes on cash(1)
(29)
34
(30)Net increase (decrease) in cash, equivalents, and restricted cash 8
73
147
108Cash, equivalents, and restricted cash at beginning of the period765
553
626
518Cash, equivalents, and restricted cash at end of the period$ 773
$ 626
$ 773
$ 626VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended
Twelve Months Ended
Estimated
December 31,
December 31,
Full YearVisteon:2025
2024
2025
2024
2026Net income (loss) attributable to Visteon Corporation*$ 74
$ 125
$ 201
$ 296
$ 205 Depreciation and amortization29
25
109
96
120 Restructuring, net4
1
8
32
10Provision for (benefit from) income tax*(13)
(44)
125
(8)
90 Non-cash, stock-based compensation expense11
10
45
41
50 Interest (income) expense, net(3)
(2)
(9)
(2)
(5) Net income (loss) attributable to non-controlling interests4
3
12
10
10 Equity in net loss (income) of non-consolidated affiliates(3)
(4)
(8)
3
(10) Other, net7
3
9
6
5Adjusted EBITDA$ 110
$ 117
$ 492
$ 474
$ 4751*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Twelve Months Ended
Estimated
December 31,
December 31,
Full YearTotal Visteon:2025
2024
2025
2024
2026Cash provided from operating activities$ 118
$ 203
$ 410
$ 427
$ 320Capital expenditures, including intangibles (45)
(41)
(133)
(137)
(150)Free cash flow$ 73
$ 162
$ 277
$ 290
$ 170Restructuring related payments4
3
15
10
20Adjusted free cash flow$ 77
$ 165
$ 292
$ 300
$ 1902Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.Adjusted Net Income (Loss) and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024Net income (loss) attributable to Visteon*$ 74
$ 125
$ 201
$ 296
Diluted earnings (loss) per share:
Net income (loss) attributable to Visteon*$ 74
$ 125
$ 201
$ 296Average shares outstanding, diluted27.7
27.9
27.6
27.9Diluted earnings (loss) per share$ 2.67
$ 4.48
$ 7.28
$ 10.61
Adjusted net income (loss) and adjusted earnings (loss) per share:
Net income (loss) attributable to Visteon*$ 74
$ 125
$ 201
$ 296Restructuring, net4
1
8
32Other7
3
9
6Tax impacts of adjustments(3)
(2)
(4)
(9)Adjusted net income (loss)$ 82
$ 127
$ 214
$ 325Average shares outstanding, diluted27.7
27.9
27.6
27.9Adjusted earnings (loss) per share$ 2.96
$ 4.55
$ 7.75
$ 11.65*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.Change in Accounting Principle: The Company's change in accounting methodology for assessing the realizability of its deferred tax assets and resulting valuation allowance from an incremental cash-tax-savings approach to the tax-law-ordering approach resulted in a cumulative $77 million income tax benefit over the three-year period ended December 31, 2025.
2025
2024
2023(In millions)Before
Change in
Accounting
MethodEffect Of
ChangeAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodEffect Of
ChangeAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodEffect Of
ChangeAfter
Change in
Accounting
Method
Condensed Consolidated Statement of Operations:
Income (loss) before
income taxes$ 338$ —$ 338
$ 298$ —$ 298
$ 257$ —$ 257Benefit from
(provision for) income
taxes(98)(27)(125)
(14)228
24882330Net income (loss)240(27)213
28422306
50582587Less: Net (income)
loss attributable to
non-controlling
interests(12)—(12)
(10)—(10)
(19)—(19)Net income (loss)
attributable to Visteon
Corporation$ 228$ (27)$ 201
$ 274$ 22$ 296
$ 486$ 82$ 568
Diluted net income per
share$ 8.26$ (0.98)$ 7.28
$ 9.82$ 0.79$ 10.61
$ 17.05$ 2.88$ 19.93Diluted net income per
share, as adjusted$ 8.73$ (0.98)$ 7.75
$ 10.86$ 0.79$ 11.65
$ 17.68$ 2.88$ 20.56
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025(In millions)Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Condensed Consolidated Statement of Operations:
Income (loss) before
income taxes$ 65$ 65
$ 81$ 81
$ 97$ 97
$ 95$ 95Benefit from (provision for) income
taxes(20)13
(22)(90)
(28)(22)
(28)(26)Net income (loss)4578
59(9)
6975
6769Less: Net (income)
loss attributable to
non-controlling
interests(4)(4)
(2)(2)
(4)(4)
(2)(2)Net income (loss)
attributable to Visteon
Corporation$ 41$ 74
$ 57$ (11)
$ 65$ 71
$ 65$ 67
Diluted net income per
share$ 1.48$ 2.67
$ 2.04$ (0.40)
$ 2.36$ 2.57
$ 2.36$ 2.44Diluted net income per
share, as adjusted$ 1.77$ 2.96
$ 2.15$ (0.29)
$ 2.39$ 2.61
$ 2.40$ 2.47
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024(In millions)Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Before
Change in
Accounting
MethodAfter
Change in
Accounting
Method
Condensed Consolidated Statement of Operations:
Income (loss) before
income taxes$ 84$ 84
$ 51$ 51
$ 100$ 100
$ 63$ 63Benefit from
(provision for) income
taxes4144
(11)(10)
(25)(13)
(19)(13)Net income (loss)125128
4041
7587
4450Less: Net (income)
loss attributable to
non-controlling
interests(3)(3)
(1)(1)
(4)(4)
(2)(2)Net income (loss)
attributable to Visteon
Corporation$ 122$ 125
$ 39$ 40
$ 71$ 83
$ 42$ 48
Diluted net income per
share$ 4.37$ 4.48
$ 1.40$ 1.43
$ 2.54$ 2.97
$ 1.50$ 1.71Diluted net income per
share, as adjusted$ 4.44$ 4.55
$ 2.26$ 2.29
$ 2.54$ 2.97
$ 1.61$ 1.821Based on mid-point of the range of the Company's financial guidance.2Based on mid-point of the range of the Company's financial guidance.
View original content to download multimedia:https://www.prnewswire.com/news-releases/visteon-delivers-record-gross-margin-and-adjusted-ebitda-in-2025-302692232.htmlSOURCE Visteon Corporation
Original: Visteon Delivers Record Gross Margin and Adjusted EBITDA in 2025
jay1000
15 years ago
DEALTALK-Activist's nominees push for Visteon breakup 11/01 05:23 PM
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(For more Reuters DEALTALKs, click [ID:DEALTALK/]) * Board hires Goldman to evaluate breakup -sources
* Visteon (VC:$52.6600,$-2.9600,-5.32%) management has argued breakup hard to do -sources
* Smaller asset sales already under way, including lighting
* Visteon's (VC:$52.6600,$-2.9600,-5.32%) Halla stake in Korea essential in any breakup
By Soyoung Kim
Nov 1 (Reuters) - New directors nominated by an activist investor are leading a push to break up Visteon Corp (VC:$52.6600,$-2.9600,-5.32%) , even though the U.S. auto parts supplier's management has argued against such a move, people familiar with the situation said.
The directors, Harry Wilson and Kevin Dowd, were the driving force behind some of Visteon's (VC:$52.6600,$-2.9600,-5.32%) key decisions last month, including hiring Goldman Sachs (GS:$103.5400,$-6.0100,-5.49%) as a financial adviser and replacing the company's chief financial officer, according to these people.
They also took on key corporate strategy roles themselves on behalf of the 10-member board. Hedge fund Alden Global Capital nominated Wilson and Dowd, who are both restructuring specialists, to Visteon's (VC:$52.6600,$-2.9600,-5.32%) board in August.
Visteon (VC:$52.6600,$-2.9600,-5.32%) , the former parts affiliate of Ford Motor Co (F:$11.0800,$-0.6000,-5.14%) , has four different businesses: climate control, interiors, electronics and lighting.
But its stakes in South Korea'sHalla Climate Control Corp and China's Yanfeng Visteon Automotive Trim Systems are seen as its best assets. Analysts have estimated that these two Asian assets alone could be worth $3 billion to $4 billion, exceeding the roughly $3 billion market value of Visteon (VC:$52.6600,$-2.9600,-5.32%) .
The board, betting on the view that Visteon (VC:$52.6600,$-2.9600,-5.32%) has more value in pieces than as a whole, is now examining various options to break up the company, these sources said.
One strategy includes selling or spinning off Visteon's (VC:$52.6600,$-2.9600,-5.32%) 70 percent stake in Halla, as well as its 50 percent stake in Yanfeng, these people said.
Another option would see Visteon (VC:$52.6600,$-2.9600,-5.32%) sell most of its assets except Halla to become a pure-play climate control supplier with strong exposure to fast-growing South Korean automakers, they said. Halla makes air conditioning and heating systems for vehicles and counts Hyundai Motor Co and Kia Motors Corp as its major customers.
A Visteon (VC:$52.6600,$-2.9600,-5.32%) spokesman said: "The board is unified in its desire to have Visteon (VC:$52.6600,$-2.9600,-5.32%) succeed and is aligned with the management in its commitment to deliver to shareholders."
Wilson, who advised the Obama administration on the 2009 bankruptcy restructuring of General Motors Co (GM:$23.3300,$-2.5200,-9.75%) , and Dowd did not immediately return calls for comment. Alden declined to comment.
Visteon (VC:$52.6600,$-2.9600,-5.32%) is one of scores of auto suppliers that went bankrupt in the last few years only to emerge in the hands of hedge funds and distressed investors. A stalled recovery in U.S. auto sales and the economy has made it tough for some of the short-term investors to cash out of their investments.
Other auto suppliers such as Cooper Standard Holdings Inc (COSH:$41.00,00$0.00,000.00%) and Federal Mogul (FDML:$15.95,00$-0.91,00-5.40%) tried to sell this year but failed as financing remained challenging, while Wilbur Ross' auto company, International Automotive Components Group, has postponed a public offering initially targeted for 2011.
Visteon (VC:$52.6600,$-2.9600,-5.32%) management has previously argued against a breakup of the company, and instead put its smaller lighting business, which accounts for less than 10 percent of revenue, on the block earlier this summer, the sources said.
Visteon's (VC:$52.6600,$-2.9600,-5.32%) long-time financial adviser Rothschild has been advising on the lighting business sale and is now also helping the company review a potential sale of other low-margin businesses such as interiors, the people said.
But Wilson, Dowd and some other directors are asking for a more radical solution, the sources said. While not all board members have the same view, there is broad acknowledgment that the company in its current form is not creating value for shareholders, the sources said.
TOUGH SELL
Visteon (VC:$52.6600,$-2.9600,-5.32%) management has long maintained that a breakup would not work because its businesses are closely intertwined and selling either Yanfeng or Halla would be a challenge, Reuters has previously reported. [ID:nN1E7670GX]
If Visteon (VC:$52.6600,$-2.9600,-5.32%) elects to sell its stake in Yanfeng to a third party, its joint venture partner SAIC Motor Corp has the right of first refusal to buy it back on the same terms offered to the outside party.
Selling its Halla stake -- or buying out its partner -- is also difficult because such a deal would require consent from the unit's top automaker customer, Hyundai Motor Co , the sources said. Hyundai relies on Halla for 75 percent of its air-conditioning and heating system needs.
One of the sources said Halla's reliance on Hyundai makes for a complicated deal. Any buyer would risk Hyundai taking its business elsewhere unless the South Korean automaker backs the buyer, the source said.
"The challenge for any buyer is to make that judgment," the source said, adding that the only realistic buyer for Halla might be a South Korean-based party backed by Hyundai.
Meanwhile, Visteon's (VC:$52.6600,$-2.9600,-5.32%) lighting and interiors might draw only limited interest as most interiors suppliers are suffering weak margins and not looking to expand there.
Any deal is unlikely to bring in any material proceeds but would signal that Visteon (VC:$52.6600,$-2.9600,-5.32%) is moving into a simpler corporate structure -- a positive for investors, sources said. (Reporting by Soyoung Kim, additional reporting by Paritosh Bansal, editing by Matthew Lewis)
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Get more news on:SYMBOLS: VC, F, GS, GM, COSH, FDML NEWS TYPE: Market Headlines, Corporate Events, Corporate Events: Mergers and Acquisitions SECTORS: Consumer Discretionary, Automobiles, Auto Components, Financials, Capital Markets
jay1000
15 years ago
NEW BATTLE? - DEALTALK-Visteon faces breakup pressure as stock lags 07/08 10:32 AM
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(For more Reuters DEALTALKS, click [DEALTALK/])
* Visteon's (VC:$67.3400,$1.4400,2.19%) $3.5 bln market value seen below sum of parts
* Shareholders believe breakup could unlock value-sources
* Yanfeng, Halla JVs in Asia may see robust buyer interest
* Execs rejected breakup argument, eye full Halla control
By Soyoung Kim and Deepa Seetharaman
NEW YORK/DETROIT, July 8 (Reuters) - A Visteon Corp (VC:$67.3400,$1.4400,2.19%) hedge fund shareholder that will get two board seats soon has been pushing to break up the U.S. auto parts supplier, betting the company has more value in pieces than as a whole, people close to the situation said.
Visteon's (VC:$67.3400,$1.4400,2.19%) management previously rejected calls for a breakup by the shareholder, Alden Global Capital, and other hedge fund investors, arguing its businesses are closely intertwined and it would be costly and complicated to split up and sell those businesses, these people said.
Visteon (VC:$67.3400,$1.4400,2.19%) , a former Ford Motor Co subsidiary, is among nearly 50 U.S. auto parts suppliers that went bankrupt during the financial crisis only to emerge under the ownership of hedge funds and distressed-sector investors that typically do not own firms for the long-term.
As the auto industry rebounds from its recession lows, these funds have seen the value of their investments rise substantially and are now looking to take the profits home.
Visteon (VC:$67.3400,$1.4400,2.19%) , which has four different business lines, is seen as more vulnerable to breakup pressure than more streamlined rivals such as Lear Corp (LEA:$53.26,00$0.6400,1.22%) and Dana Holding Corp (DAN:$18.44,00$0.4300,2.39%) , which also have a temporary ownership base after emerging from bankruptcy.
Visteon (VC:$67.3400,$1.4400,2.19%) has a market value of about $3.5 billion -- far less than what many shareholders believe the company's various pieces could add up to. Visteon's (VC:$67.3400,$1.4400,2.19%) two lucrative Asian assets alone could be worth $3 billion to $4 billion, analysts said.
The diversified structure is weighing on the company's shares, which are down 8 percent so far this year since the stock started trading on the New York Stock Exchange on Jan. 10. It trades at below 4 times enterprise value to estimated 2012 earnings before interest, tax, depreciation and amortization (EBITDA), versus the North American auto supplier sector average of 5.6 times tracked by Morgan Stanley.
The Van Buren Township, Michigan-based company avoided a proxy fight with Alden Global Capital in May by agreeing to give the Cayman Islands-based hedge fund board seats. The two nominees are set to join the board in August.
"I don't think the new board members are going to force anything to happen right away, but they will have the voice and their voice will be heard," one of the sources said.
Representatives for Visteon (VC:$67.3400,$1.4400,2.19%) declined to comment, and so did Alden, which owns a 1.8 percent stake in Visteon (VC:$67.3400,$1.4400,2.19%) . All the other sources declined to be named because they were not authorized to speak with the media.
COVETED ASSETS
"Visteon (VC:$67.3400,$1.4400,2.19%) is still kind of a company with a lot of different companies in itself," a second source said, referring to its interiors, climate control, electronics and lighting units. "If you look at other suppliers that concentrate on particular areas, they are more profitable than Visteon (VC:$67.3400,$1.4400,2.19%) as a whole."
Among Visteon's (VC:$67.3400,$1.4400,2.19%) coveted assets is its 50 percent stake in Yanfeng Visteon Automotive Trim Systems, a Chinese supplier of interiors and seating in which Chinese automaker SAIC Motor Corp owns the other 50 percent stake.
UBS analyst Colin Langan estimated the value of that stake at more than $1.4 billion, while JPMorgan analyst Himanshu Patel said the stake could fetch $2.3 billion for Visteon (VC:$67.3400,$1.4400,2.19%) if it is sold for 12 times 2012 estimated earnings.
Another crown jewel for Visteon (VC:$67.3400,$1.4400,2.19%) is its 70 percent stake in Halla Climate Control Corp , a South Korean maker of air conditioning for vehicles that primarily supplies to fast-growing South Korean automakers Hyundai Motor Co (HYMLF:$220.3597,$0.0000,0.00%) and Kia Motors Corp (KIMTF:$62.5000,$0.0000,0.00%) .
At Halla's market value of around $2.6 billion, Visteon's (VC:$67.3400,$1.4400,2.19%) stake is worth about $1.8 billion.
Finding a single buyer for the whole company could be a challenge as suppliers do not want to buy into areas they are not already in, analysts and bankers said. But it could attract robust interest if parts are sold separately, they said.
SHAREHOLDER VALUE
Diversified industrial conglomerate Johnson Controls (JCI:$41.048,0$-0.0920,-0.22%) unsuccessfully bid for Visteon's (VC:$67.3400,$1.4400,2.19%) interiors and electronics units -- including Yanfeng -- in May 2010, when the supplier was in bankruptcy. But it did not offer to buy the rest of the company, such as climate control assets.
JPMorgan's Patel said in a June 8 note that Johnson Controls (JCI:$41.048,0$-0.0920,-0.22%) could still be interested in Yanfeng and also named Lear and France's Faurecia as possible bidders.
Another French supplier Valeo and Delphi Automotive could be potentially interested in Visteon's (VC:$67.3400,$1.4400,2.19%) climate control business that includes Halla, analysts said.
Selling its lighting and struggling interior trim business, which has a large exposure to Europe, would also help boost Visteon's (VC:$67.3400,$1.4400,2.19%) multiple, Patel wrote. He forecast there would likely be multiple transactions over the next two to three years.
At an industry conference last month, Visteon (VC:$67.3400,$1.4400,2.19%) Chief Financial Officer William Quigley said the company sees Halla as a "cornerstone" of its climate business and indicated it could consider buying out the 30 percent stake in Halla it does not already own.
People close to the situation added that the management would like to make Visteon (VC:$67.3400,$1.4400,2.19%) a pure play climate control company focused on Halla, but would be open to divesting other businesses.
Visteon (VC:$67.3400,$1.4400,2.19%) , however, has been slow to initiate asset sales partly because with some $830 million of cash and cash equivalents on hand, it does not need the proceeds, they said.
"They've got adequate, even ample liquidity," a third source said. "It's really the question of shareholder value." (Reporting by Soyoung Kim and Deepa Seetharaman, editing by Dave Zimmerman)
--------------------------------------------------------------------------------
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jay1000
15 years ago
DEALTALK-Visteon faces breakup pressure as stock lags 07/08 10:32 AM
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(For more Reuters DEALTALKS, click [DEALTALK/])
* Visteon's (VC:$68.760002,$-0.659996,-0.95%) $3.5 bln market value seen below sum of parts
* Shareholders believe breakup could unlock value-sources
* Yanfeng, Halla JVs in Asia may see robust buyer interest
* Execs rejected breakup argument, eye full Halla control
By Soyoung Kim and Deepa Seetharaman
NEW YORK/DETROIT, July 8 (Reuters) - A Visteon Corp (VC:$68.760002,$-0.659996,-0.95%) hedge fund shareholder that will get two board seats soon has been pushing to break up the U.S. auto parts supplier, betting the company has more value in pieces than as a whole, people close to the situation said.
Visteon's (VC:$68.760002,$-0.659996,-0.95%) management previously rejected calls for a breakup by the shareholder, Alden Global Capital, and other hedge fund investors, arguing its businesses are closely intertwined and it would be costly and complicated to split up and sell those businesses, these people said.
Visteon (VC:$68.760002,$-0.659996,-0.95%) , a former Ford Motor Co subsidiary, is among nearly 50 U.S. auto parts suppliers that went bankrupt during the financial crisis only to emerge under the ownership of hedge funds and distressed-sector investors that typically do not own firms for the long-term.
As the auto industry rebounds from its recession lows, these funds have seen the value of their investments rise substantially and are now looking to take the profits home.
Visteon (VC:$68.760002,$-0.659996,-0.95%) , which has four different business lines, is seen as more vulnerable to breakup pressure than more streamlined rivals such as Lear Corp (LEA:$53.42,00$-1.1900,-2.18%) and Dana Holding Corp (DAN:$18.37,00$-0.5300,-2.80%) , which also have a temporary ownership base after emerging from bankruptcy.
Visteon (VC:$68.760002,$-0.659996,-0.95%) has a market value of about $3.5 billion -- far less than what many shareholders believe the company's various pieces could add up to. Visteon's (VC:$68.760002,$-0.659996,-0.95%) two lucrative Asian assets alone could be worth $3 billion to $4 billion, analysts said.
The diversified structure is weighing on the company's shares, which are down 8 percent so far this year since the stock started trading on the New York Stock Exchange on Jan. 10.
It trades at below 4 times enterprise value to estimated 2012 earnings before interest, tax, depreciation and amortization (EBITDA), versus the North American auto supplier sector average of 5.6 times tracked by Morgan Stanley.
The Van Buren Township, Michigan-based company avoided a proxy fight with Alden Global Capital in May by agreeing to give the Cayman Islands-based hedge fund board seats. The two nominees are set to join the board in August.
"I don't think the new board members are going to force anything to happen right away, but they will have the voice and their voice will be heard," one of the sources said.
Representatives for Visteon (VC:$68.760002,$-0.659996,-0.95%) declined to comment, and so did Alden, which owns a 1.8 percent stake in Visteon (VC:$68.760002,$-0.659996,-0.95%) . All the other sources declined to be named because they were not authorized to speak with the media.
COVETED ASSETS
"Visteon (VC:$68.760002,$-0.659996,-0.95%) is still kind of a company with a lot of different companies in itself," a second source said, referring to its interiors, climate control, electronics and lighting units. "If you look at other suppliers that concentrate on particular areas, they are more profitable than Visteon (VC:$68.760002,$-0.659996,-0.95%) as a whole."
Among Visteon's (VC:$68.760002,$-0.659996,-0.95%) coveted assets is its 50 percent stake in Yanfeng Visteon Automotive Trim Systems, a Chinese supplier of interiors and seating in which Chinese automaker SAIC Motor Corp owns the other 50 percent stake.
UBS analyst Colin Langan estimated the value of that stake at more than $1.4 billion, while JPMorgan analyst Himanshu Patel said the stake could fetch $2.3 billion for Visteon (VC:$68.760002,$-0.659996,-0.95%) if it is sold for 12 times 2012 estimated earnings.
Another crown jewel for Visteon (VC:$68.760002,$-0.659996,-0.95%) is its 70 percent stake in Halla Climate Control Corp , a South Korean maker of air conditioning for vehicles that primarily supplies to fast-growing South Korean automakers Hyundai Motor Co (HYMLF:$220.3597,$0.0000,0.00%) and Kia Motors Corp (KIMTF:$62.5000,$0.0000,0.00%) .
At Halla's market value of around $2.6 billion, Visteon's (VC:$68.760002,$-0.659996,-0.95%) stake is worth about $1.8 billion.
Finding a single buyer for the whole company could be a challenge as suppliers do not want to buy into areas they are not already in, analysts and bankers said. But it could attract robust interest if parts are sold separately, they said.
SHAREHOLDER VALUE
Diversified industrial conglomerate Johnson Controls (JCI:$41.8400,$-0.8700,-2.04%) unsuccessfully bid for Visteon's (VC:$68.760002,$-0.659996,-0.95%) interiors and electronics units -- including Yanfeng -- in May 2010, when the supplier was in bankruptcy. But it did not offer to buy the rest of the company, such as climate control assets.
JPMorgan's Patel said in a June 8 note that Johnson Controls (JCI:$41.8400,$-0.8700,-2.04%) could still be interested in Yanfeng and also named Lear and France's Faurecia as possible bidders.
Another French supplier Valeo and Delphi Automotive could be potentially interested in Visteon's (VC:$68.760002,$-0.659996,-0.95%) climate control business that includes Halla, analysts said.
Selling its lighting and struggling interior trim business, which has a large exposure to Europe, would also help boost Visteon's (VC:$68.760002,$-0.659996,-0.95%) multiple, Patel wrote. He forecast there would likely be multiple transactions over the next two to three years.
At an industry conference last month, Visteon (VC:$68.760002,$-0.659996,-0.95%) Chief Financial Officer William Quigley said the company sees Halla as a "cornerstone" of its climate business and indicated it could consider buying out the 30 percent stake in Halla it does not already own.
People close to the situation added that the management would like to make Visteon (VC:$68.760002,$-0.659996,-0.95%) a pure play climate control company focused on Halla, but would be open to divesting other businesses.
Visteon (VC:$68.760002,$-0.659996,-0.95%) , however, has been slow to initiate asset sales partly because with some $830 million of cash and cash equivalents on hand, it does not need the proceeds, they said.
"They've got adequate, even ample liquidity," a third source said. "It's really the question of shareholder value." (Reporting by Soyoung Kim and Deepa Seetharaman, editing by Dave Zimmerman)
--------------------------------------------------------------------------------
Get more news on:SYMBOLS: VC, JCI, F, LEA, DAN, HYMLF, KIMTF NEWS TYPE: Corporate Events, Corporate Events: Mergers and Acquisitions SECTORS: Consumer Discretionary, Automobiles, Auto Components, Industrials, Industrial Conglomerates
jay1000
15 years ago
<<"Visteon is worth $90 a share, or 45 percent more than its price yesterday, according to Westwood Holdings Group Inc.">>
BLOOMBERG - Visteon in China Means Earnings Are Free in Auto-Parts Takeover: Real M&A
By Mark Clothier and Tara Lachapelle - Jun 16, 2011
Visteon Corp. is so cheap that the auto-parts supplier is offering potential acquirers its earnings for free.
http://www.bloomberg.com/news/2011-06-16/visteon-in-china-means-earnings-are-free-in-auto-parts-takeover-real-m-a.html?cmpid=yhoo
Visteon fell 16 percent this year through yesterday, leaving the Van Buren Township, Michigan-based company with $3.17 billion in market capitalization. That’s now less than the combined value of its stakes including Halla Climate Control Corp. (018880) and Yanfeng Visteon Automotive Trim Systems Co., according to data compiled by Bloomberg. Its 50 percent holding in Yanfeng alone may sell for $1.4 billion, based on the median earnings multiple for comparable auto-parts producers, the data show.
While Visteon exited bankruptcy in October and has the lowest operating margin of any auto-parts maker in the world, it may attract Johnson Controls Inc. (JCI) and Valeo SA (FR), UBS AG said. A buyer would gain Visteon’s venture in China, the world’s biggest auto market, and earnings that analysts project will increase 25 percent in 2013.
Based on the value of all its businesses, Visteon is worth $90 a share, or 45 percent more than its price yesterday, according to Westwood Holdings Group Inc.
“If Visteon could get a competitive situation going, they could do very well,” said Kirk Ludtke, an automotive analyst at Stamford, Connecticut-based CRT Capital Group LLC. “Just about all the major suppliers are trying to boost their exposure to China. Assets of the scale and quality of Yanfeng and Halla rarely change hands.”
Sum of Parts
Jim Fisher, a spokesman for Visteon, declined to comment, as did Paul Mason at Johnson Controls. Sylvie Delion, a spokeswoman at Valeo, didn’t immediately return a telephone call or e-mail message left outside normal business hours.
Visteon, spun off from Ford Motor Co. (F) in June 2000, makes heating and air-conditioning systems, instrument panels and clusters. It counts Hyundai Motor Co. (005380) of Seoul and Dearborn, Michigan-based Ford among its biggest customers.
While Visteon has gained 25 percent since returning as a publicly traded company last year, the shares have slumped since reaching a high of $75.75 in January. After falling to an eight- month low last week, Visteon has rallied in the past three days as speculation increased it may become a takeover target. The stock closed at $62.06 yesterday.
At that level, Visteon is now cheaper than the sum of its parts, according to data compiled by Bloomberg. Visteon’s 70 percent stake in Halla Climate, the Daejeon, South Korea-based maker of air conditioning systems in cars, is valued at $1.63 billion, or about $32 a share, the data show.
‘Left for Dead’
Visteon also owns half of Shanghai-based Yanfeng, which earned $218 million in net income last year. Based on the median price-earnings ratio of 12.7 times for auto-parts suppliers with market values over $1 billion, Visteon’s venture with China’s largest carmaker, SAIC Motor Corp., may be worth as much as $27 a share, the data show.
Together with its other non-consolidated affiliates, the stakes are valued at about $68 a share, or $6 more than Visteon’s price yesterday. That means investors are undervaluing the business as a whole, according to Grant Taber, a Dallas- based money manager at Westwood Holdings, which manages $13.9 billion. Using his own sum-of-the-parts calculation, Taber estimates that Visteon could be worth as much as $90 a share.
“You’ve got an opportunity to potentially loosen things up by selling parts or the whole or breaking it up,” said Taber, whose firm was among Visteon’s 10 biggest shareholders as of March, according to data compiled by Bloomberg. “Based on the sum of the parts, it could be a reason they would want to sell. It’s being left for dead right now on a valuation basis.”
Financial Analysis
Today, Visteon rose 3.8 percent to $64.42 as of 10:42 a.m. in New York. The advance was the biggest in three months.
Taber says Visteon can cut more costs to boost its profits. The company earned less than a penny in operating income for each dollar of sales in the past 12 months, the lowest among auto-parts makers with more than $1 billion in value, the data show. The median supplier had a margin of 7.22 percent.
Profitability will also increase as Visteon wins back more customers, he said. Once the second-largest U.S. maker of auto parts, Visteon emerged from bankruptcy last October after filing for protection from creditors in May 2009.
The former division of Ford was hobbled by its labor costs, the faltering economy and slowing auto sales.
There’s an “opportunity for Visteon to expand margins to peer levels as management begins to run the company for growth rather than with the goal of bankruptcy,” Colin Langan, a New York-based analyst at UBS, wrote in a note to clients yesterday. Visteon is a “solid takeout candidate,” he said.
Clean Slate
While the company once relied on sales to Ford, Visteon now gets about 40 percent of its revenue from Asia, data compiled by Bloomberg show. Including results from unconsolidated joint ventures, Visteon gets 56 percent of its sales from the region.
Bankruptcy also helped rid Visteon of most of its debt. The company now has more net cash than any U.S. auto-parts supplier except Southfield, Michigan-based Lear Corp., the data show.
“This company is in far better shape balance sheet-wise coming out of bankruptcy,” said Dan Veru, chief investment officer at Fort Lee, New Jersey-based Palisade Capital Management LLC, which oversees $3.8 billion. “They are addressing the emerging markets. That’s where the big growth is. There’s clearly value there.”
Visteon’s businesses in Asia may entice buyers that want a larger foothold in China. Almost 16 million vehicles were sold in China last year, more than double the number in 2007, according to data compiled by Bloomberg Industries. In the U.S., unit sales fell by 28 percent over the same period.
Potential Buyers
Johnson Controls, the largest U.S. auto supplier, is the most likely candidate to buy Visteon, said Jeff Bencik, a New York-based analyst at Kaufman Bros. LP. Milwaukee-based Johnson Controls could take advantage of Visteon’s presence in Asia, while adding products it doesn’t currently sell, he said.
“It’s a natural augmentation of what they do already,” Bencik said. “This would expand their reach into the automotive supplying of the business. It certainly makes a lot of sense.”
Visteon’s Yanfeng venture more than doubled sales in the last two years and tripled profit, according to the company’s annual report.
Johnson Controls has already tried to buy Visteon’s interiors and electronics businesses while the company was in bankruptcy protection last year. Visteon turned down the unsolicited $1.25 billion bid, it said in June 2010.
Valeo, France’s second largest car-parts supplier, could look to purchase Visteon for its Halla Climate business, according to UBS’s Langan. Paris-based Valeo said in March that it was ready to make acquisitions to boost growth and sees opportunities to win more Asian business.
“We’re seeing suppliers looking at strategic acquisitions,” said Mike Wall, an analyst for IHS Automotive. In emerging markets, “they’re really looking to take advantage of those growth rates” in economies such as China, he said.
To contact the reporters on this story: Mark Clothier in Southfield, Michigan, at mclothier@bloomberg.net; Tara Lachapelle in New York at tlachapelle@bloomberg.net.
To contact the editors responsible for this story: Daniel Hauck at dhauck1@bloomberg.net; Katherine Snyder at ksnyder@bloomberg.net; Jamie Butters at jbutters@bloomberg.net.
jay1000
15 years ago
Visteon Awarded 2011 Toyota Global Technology & Development Award
Visteon partnered with Toyota to lead technology innovation 05/17 09:00 AM
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YOKOHAMA, Japan, May 17, 2011 /PRNewswire/ -- Visteon Corporation (VC:$61.0000,$-2.4200,-3.82%) received the "Technology & Development Award" from Toyota (TM:$82.2100,$-1.1700,-1.40%) at its recent 2011 Suppliers Convention in Nagoya, Japan. The award recognizes noise-reduction technology as applied to a low-cost fuel pump controller (FPC). Co-developed with Toyota (TM:$82.2100,$-1.1700,-1.40%) , the technology is considered a breakthrough in the global automobile industry and is currently patent pending.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )
The Technology & Development Award recognizes suppliers who have greatly contributed to boosting the product appeal of Toyota (TM:$82.2100,$-1.1700,-1.40%) vehicles by developing world-leading new technologies and products. After strict evaluation, the prestigious award is presented to a select number of suppliers every year.
"We are extremely pleased to be recognized by Toyota (TM:$82.2100,$-1.1700,-1.40%) as a top innovator and technology leader," said Donald J. Stebbins, Visteon (VC:$61.0000,$-2.4200,-3.82%) chairman, chief executive officer and president. "We continue to focus on partnering with our customers to create exceptional value."
FPC is an electronic module that controls the speed of the fuel pump according to the driving situation, to ultimately improve the fuel efficiency of the vehicle. By utilizing a proprietary printed wire board topology with a high-frequency direct current - direct current converter circuit, Visteon (VC:$61.0000,$-2.4200,-3.82%) is able to significantly reduce the radiated electromagnetic noise of the FPC. This innovation also results in reduced weight, size and design complexity, and contributes to fuel economy through cost-effective application of the FPC for improved efficiency of the fuel pump system. The core technology can be applied to virtually all types of motor control systems, including those in electric/hybrid vehicles.
The high-quality FPC using this innovative noise reduction technology has been launched on Toyota (TM:$82.2100,$-1.1700,-1.40%) 's multiple vehicle models in the Japan and U.S. markets.
Visteon (VC:$61.0000,$-2.4200,-3.82%) 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 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation (VC:$61.0000,$-2.4200,-3.82%)
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jay1000
15 years ago
Visteon Presents Automotive Solutions for China Market at Auto Shanghai 2011
Global Automotive Supplier Demonstrates Capabilities in Climate, Electronics, Interiors and Lighting 04/20 07:00 AM
SHANGHAI, April 20, 2011 /PRNewswire/ -- Visteon Corporation (VC:$66.6100,$2.1100,3.27%) is showcasing innovative automotive products and technologies for the China market at the 14th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2011). Visteon (VC:$66.6100,$2.1100,3.27%) 's exhibit at Hall W4, E005 highlights the global automotive supplier's range of climate, electronics, interior and lighting capabilities.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )
"We are pleased to participate at Auto Shanghai 2011 to demonstrate Visteon (VC:$66.6100,$2.1100,3.27%) technologies and products that are particularly relevant for the China market," said Donald J. Stebbins, chairman, chief executive officer and president. "China is a very important market for Visteon (VC:$66.6100,$2.1100,3.27%) and many of the vehicles on display at this show feature our products. Visteon (VC:$66.6100,$2.1100,3.27%) and our affiliates operate 28 manufacturing, engineering and sales facilities in this country and we expect China to continue to be a key growth driver in the future."
Visteon (VC:$66.6100,$2.1100,3.27%) is highlighting its broad product portfolio through technology demonstration vehicles. The Growth Market Car and Bike showcase innovative solutions, focused on modularity and scalability, for small cars and motorcycles in growth markets including China. The Growth Market Car has drawn positive reviews from vehicle manufacturers and media at recent showings in North America, Japan and India, while the Growth Market Bike is making its worldwide debut at Auto Shanghai 2011. Both are part of the Growth Market Project, a collaboration between Visteon (VC:$66.6100,$2.1100,3.27%) and 3M.
Also on display is the "C-Beyond" technology demonstration vehicle ? featuring more than 40 innovative products in infotainment and connectivity, climate, interior systems and exterior lighting. The C-Beyond highlights technologies that bring connectivity and sustainability to C-car segment vehicles, helping auto manufacturers "see beyond" the conventional role of the vehicle to enhance the experience for the driver and passengers.
In addition to these in-vehicle demonstrations, visitors to Visteon (VC:$66.6100,$2.1100,3.27%) 's exhibit will also experience:
Innovations in vehicle cockpit electronics and human machine interaction;
A broad automotive thermal management portfolio featuring "green" climate control systems and components suitable for electric and new energy vehicles;
Leading processes for creating comfortable and functional interiors; and
Visteon (VC:$66.6100,$2.1100,3.27%) 's ability to blend advanced styling and technology in vehicle lighting.
The solutions on display at Auto Shanghai 2011 bring to light Visteon (VC:$66.6100,$2.1100,3.27%) 's broad capabilities – from serving small-car segments with cost-effective technology and packaging, to supporting high-end segments with advanced technologies. Visteon (VC:$66.6100,$2.1100,3.27%) 's highly regarded "automotive intellect" enables it to devise integrated solutions that can help automakers differentiate their vehicles.
Visteon Corporation (VC:$66.6100,$2.1100,3.27%) 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 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation (VC:$66.6100,$2.1100,3.27%)
Get more news on:SYMBOLS: VCNEWS TYPE: SECTORS: Automobiles, Auto Components, Consumer Discretionary
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