Visteon Withdraws Full-Year 2008 Guidance
December 19 2008 - 3:50PM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Dec. 19, 2008 /PRNewswire-FirstCall/ --
Visteon Corporation (NYSE:VC), a global automotive supplier,
announced it is withdrawing its full-year 2008 financial guidance
in light of the larger than anticipated declines in global vehicle
production and overall industry uncertainty. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) "Given
that ongoing economic pressures have continued to significantly
reduce our customers' production schedules across the globe,
Visteon is withdrawing its previously issued 2008 financial
guidance," said Donald J. Stebbins, chairman and chief executive
officer. "We have taken aggressive actions over the past three
years to restructure and improve our business," Stebbins said, "and
we continue to take the actions necessary to align our
manufacturing capacity and cost structure with the rapidly changing
economic and market environment." Visteon Corporation is a leading
global automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products for
vehicle manufacturers, and also provides a range of products and
services to aftermarket customers. With corporate offices in Van
Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany;
the company has facilities in 27 countries and employs
approximately 35,500 people. Forward-looking Information This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. 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 general economic conditions, changes in
interest rates and fuel prices; the automotive vehicle production
volumes and schedules of our customers; work stoppages at our
customers; our ability to satisfy our future capital and liquidity
requirements and comply with the terms of our existing credit
agreements and indentures; the financial distress of our suppliers,
or other significant suppliers to our customers, and possible
disruptions in the supply of commodities to us or our customers due
to financial distress or work stoppages; our ability to timely
implement, and realize the anticipated benefits of restructuring
and other cost-reduction initiatives, including our multi-year
improvement plan, and our successful execution of internal
performance plans and other productivity efforts; the timing and
expenses related to restructurings, employee reductions,
acquisitions or dispositions; increases in raw material and energy
costs and our ability to offset or recover these costs; the
financial condition of our customers and the effects of
reorganization, consolidation and/or restructuring plans that may
be announced by our customers; the effect of pension and other
post-employment benefit obligations; increases in our warranty,
product liability and recall costs; the outcome of legal or
regulatory proceedings to which we are or may become a party; our
ability to meet the continued listing standards of the New York
Stock Exchange; as well as those factors identified in our filings
with the SEC (including our Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2007). We assume no obligation to update
these forward-looking statements.
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO DATASOURCE:
Visteon Corporation CONTACT: Media: Jim Fisher, +1-734-710-5557, ,
Investors: Steve Ward, +1-734-710-5800, , both of Visteon
Corporation Web site: http://www.visteon.com/
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