Visteon Completes Sale of Automotive Lighting Business to Varroc Group
VAN BUREN TOWNSHIP, Mich., Aug. 2, 2012
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.
"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.
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.
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
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