VAN BUREN TOWNSHIP, Mich.,
March 12, 2012 /PRNewswire/
-- Visteon Corporation (NYSE: VC) today announced that it has
agreed to sell its automotive lighting business to Varroc Group, a
global provider of automotive parts, for $92
million in cash. The transaction, which is subject to
regulatory reviews and other conditions, is expected to be
completed in the third quarter of 2012.
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The business to be sold 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. With 2011
revenue of $531 million, the business
to be sold has operations in Europe, North
America and Asia.
"This transaction allows Visteon to focus on our core climate
and electronics businesses and our joint venture relationships,
which are positioned for profitable growth and market leadership,"
said Donald J. Stebbins, Visteon
chairman, chief executive officer and president. "We are pleased to
be selling our lighting business, with its many competitive
strengths, to a successful and growing company with 26
manufacturing plants and three engineering centers, where we think
it will be an excellent strategic fit.
"Both Visteon and Varroc are committed to completing the
transaction as quickly and efficiently as possible, and ensuring a
smooth transition for our customers, our suppliers and the
employees involved," Stebbins added.
Visteon operations that would transfer to Varroc include
manufacturing and engineering facilities in Novy Jicin and
Rychvald, Czech Republic;
Monterrey, Mexico; and
Pune, India. The companies intend
for the sale to include Visteon's equity interest in a China-based lighting joint venture, Visteon
TYC Corporation. Certain other lighting employees and assets would
transfer as well. In total, about 4,200 manufacturing, engineering
and administrative employees are part of the lighting business that
is involved in the transaction.
Tarang Jain, managing director,
Varroc Group, said, "Visteon's lighting business is a successful
operation with strong products, technology and customer
relationships. Upon completing this transaction, we look forward to
working with the customers and talented associates of this business
to focus on growing what will be a very important part of our
global business in the future."
About Visteon
Visteon 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 27 countries and employs
approximately 26,000 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