VAN BUREN TOWNSHIP, Mich., Jan. 10, 2013 /PRNewswire/ -- Visteon Corporation (NYSE: VC) confirmed today that the board of directors of its Korean affiliate Halla Climate Control Corp. (HCC) has approved a definitive agreement to consolidate most of Visteon's automotive climate business into HCC. Approval of the agreement by Visteon's board of directors and entry into the final agreement are expected soon. Visteon also confirmed that the transaction, first outlined in September 2012, is on track to be completed in the first quarter of 2013.
Visteon owns 70 percent of HCC and would have the same ownership level in the combined business. The consolidation would create the second largest global supplier of automotive climate components and systems.
About Visteon Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronics 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.SOURCE Visteon Corporation
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts