Visteon to sell auto interior stake to Duckyang

In a move to divest from automotive interiors, Visteon Corporation is selling its 50% ownership stake in a South Korean automotive interiors joint venture, Duckyang Industry. The sale to certain management shareholders of Duckyang and associated parties for the equivalent of about US$24.1 million is expected to be completed in April after closing conditions are met. In addition to the US$24.1 million from the share sale, Visteon expects to receive approximately US$5.9 million 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/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.

Meanwhile, early this year, Visteon pumped up its auto electronics business by purchasing Johnson Control’s electronics unit for US$265 million. It makes instrument clusters, infotainment displays and body electronics. (http://www.injectionmouldingasia.com/jan2014/news2.html)

(IMA)

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