VAN BUREN TOWNSHIP, Mich.,
March 19, 2014 /PRNewswire/
-- Visteon Corporation (NYSE: VC) today announced that the
company has reached an agreement to sell its 50 percent ownership
stake in a Korean automotive interiors joint venture, Duckyang
Industry Co., Ltd. (024900:KS), in support of its previously
announced intentions to divest its interiors business.
The sale to certain management shareholders of Duckyang and
associated parties for the equivalent of about $24.1 million (25.9
billion Korean Won) is expected to be completed in April
after closing conditions are met. In addition to the $24.1 million from the share sale, Visteon
expects to receive approximately $5.9
million (6.3 billion Korean
Won) in dividends.
"We are pleased to have reached this agreement to sell our stake
in this non-consolidated interiors joint venture as another step in
Visteon's transformation, and in support of our stated goal to exit
our interiors business," said Visteon President and CEO
Timothy D. Leuliette. "We are
working toward the interiors divestiture as part of our commitment
to deliver customer and shareholder value by focusing on our core
growth climate and electronics businesses."
Based in Ulsan, South Korea,
Duckyang manufactures and develops original equipment interior
components for vehicles.
About Visteon
Visteon is a leading global automotive supplier delivering value
for vehicle manufacturers and shareholders through businesses
including Halla Visteon Climate Control Corp., Visteon Electronics
and Visteon Interiors. Visteon designs, engineers and manufactures
innovative components and systems for virtually every vehicle
manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 29
countries and employs about 24,000 people. Visteon had sales of
$7.4 billion in 2013. Learn more at
www.visteon.com.
Follow Visteon:
www.twitter.com/visteon
www.youtube.com/visteon
www.google.com/+visteon
http://blog.visteon.com
http://www.linkedin.com/company/visteon
Logo - http://photos.prnewswire.com/prnh/20001201/DEF008LOGO
SOURCE Visteon Corporation