Visteon Completes Sale of Halewood, UK, Facility; Continues Progress of UK Restructuring
August 29 2008 - 9:15AM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Aug. 29, 2008 /PRNewswire-FirstCall/ --
Visteon Corporation (NYSE:VC) today announced the sale of its
Halewood, United Kingdom, facility to International Automotive
Components Group Europe (IAC Europe), a key automotive supplier for
interior trim, carpet and acoustics systems, and exterior trim.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
The Halewood facility is dedicated to the assembly and sequencing
of cockpit systems and consoles to Jaguar Land Rover's Halewood
operation. The Halewood facility had 2007 sales of approximately
$150 million and operated on close to a break-even basis. Under the
business purchase agreement, Visteon will transfer the assembly
facility and associated assets including purchase and supply
contracts to IAC Europe. The nearly 150 employees currently
employed at the facility will also transfer to the new owner. Terms
of the sale were not disclosed. "Following the recently announced
customer agreements and the Swansea plant sale, the divestiture of
our Halewood facility marks another important step in improving the
financial performance of our UK operations," said Donald J.
Stebbins, Visteon president and chief executive officer. About
Visteon Corporation 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 26 countries and employs
approximately 38,500 people. About International Automotive
Components Group International Automotive Components Group is a
leading global supplier of automotive components and systems for
interior, carpet/acoustics and exterior. Including these
acquisitions, IAC's annual global revenue will exceed $5.5 billion.
International Automotive Components Group operates in 16 countries
with more than 29,000 employees. For more information, visit
http://www.iacgroup.com/. 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, and in particular Ford's
vehicle production volumes; 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 effects of reorganization and/or
restructuring plans 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; 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: Julie Fream, +1-734-710-7250, ,
Jonna Christensen, 44-1268-701094, , or Investors: Derek Fiebig,
+1-734-710-5800, , all of Visteon Corporation Web site:
http://www.visteon.com/ http://www.iacgroup.com/
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