VAN BUREN TOWNSHIP, Mich.,
Aug. 2, 2012 /PRNewswire/
-- Visteon Corporation (NYSE: VC) today announced that it has
completed the sale of its automotive lighting business to Varroc
Group, a global provider of automotive parts, for $72 million in cash, subject to price
adjustments. The two companies announced plans for the sale on
March 12.
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"This transaction completes an important step in our strategic
plan to focus on our core businesses and strong joint venture
relationships," said Don Stebbins,
Visteon chairman, chief executive officer and president. "I am
pleased with the completion of the sale and with the efforts of
both companies to ensure a smooth transition for our customers,
suppliers and the employees involved."
The business sold to Varroc had 2011 revenue of $531 million and encompasses a wide range of
exterior lighting products supplied to global vehicle
manufacturers, including front and rear lighting systems, auxiliary
lamps and key subcomponents such as projectors and electronic
modules. It includes manufacturing and engineering facilities in
Novy Jicin and Rychvald, Czech
Republic; Monterrey,
Mexico; and Pune, India. In
total, about 4,200 manufacturing, engineering and administrative
employees are part of the business sold to Varroc.
As announced March 12, the two
companies also have an agreement for Varroc to acquire Visteon's
equity interest in a China-based
lighting joint venture, Visteon TYC Corporation, for $20 million. That transaction is expected to be
completed after Varroc finishes its due diligence process and other
conditions are satisfied.
About Visteon
Visteon is a leading global automotive supplier that
designs, engineers and manufactures innovative climate, electronic,
and interior products for vehicle manufacturers. With corporate
offices in Van Buren Township,
Mich. (U.S.); Shanghai,
China; and Chelmsford, UK;
the company has facilities in 28 countries and employs
approximately 22,000 people. Learn more at www.visteon.com.
About Varroc
Varroc Group, based in Aurangabad, India, supplies components for two-, three-
and four-wheel passenger and commercial vehicles, offering full
capabilities in design, development and manufacturing. The
company's capabilities include polymer, electrical and electronics,
and metallic products. Varroc has approximately 5,000 employees at
20 manufacturing plants in India,
five in Europe and one in
Southeast Asia. For more
information, go to www.varrocgroup.com.
SOURCE Visteon Corporation