Visteon to sell stake in HVCC to South Korean firm

US-based automotive supplier Visteon Corporation says it is currently engaged in discussions with Hahn & Company regarding a potential sale of its ownership interest in Halla Visteon Climate Control Corp. (HVCC) to the South Korea-based private equity company. It owns 70% of HVCC, the world’s second largest provider of vehicle thermal management solutions.

However, Visteon adds that, “There can be no assurance that these discussions will result in any transaction or on what terms any such transaction may occur. Visteon undertakes no obligation to provide further updates and does not intend to comment further regarding the discussions or other strategic alternatives involving HVCC until such time as its board of directors has determined that disclosure is appropriate.”

Visteon says that it expects that HVCC will continue to benefit from its well-respected management team, strong balance sheet, expanding global customer base and globally recognised technical acumen.

Visteon supplies vehicle cockpit electronics and thermal energy management. With corporate offices in Van Buren Township, Mich. (US); Shanghai, China; and Chelmsford, UK; Visteon has more than 26,000 employees at facilities in 29 countries. It had sales of US$7.4 billion in 2013.

This year, Visteon has been engaged in selling its automotive interiors business, in line with its three-phase strategy to exit the automotive interiors business, with 90% of its interiors business now under contract, offer or sold. (http://www.injectionmouldingasia.com/may2014/news1.html). The latter sales were its strategy to focus on its core growth businesses: thermal management and cockpit electronic ecosystems

It has also been beefing up its automotive electronics unit, having bought Johnson Controls business early this year (http://www.injectionmouldingasia.com/jan2014/news2.html)

(IMA)

  Home | Terms & Conditions | Privacy Policy | Contact | Webmail | Site Map  

Copyright (c) 2014 www.injectionmouldingasia.com. All rights reserved