VISTEON
MoU to divest Interiors business to Chinese joint venture is terminated
 Visteon said it would try to find an “alternative solution” for its Interiors business (Photo: Visteon) |
Despite months of intense negotiations, US automotive parts supplier Visteon (Van Buren Township, Michigan; www.visteon.com) has failed to reach an agreement to sell its Interiors business to its Yanfeng Visteon Automotive (YFV, Shanghai / China) joint venture with Huayu Automotive Systems (HASCO), the automotive components group of Shanghai Automotive Industry Corporation (SAIC). The parties had started talks about a possible sale in late 2011 – see Plasteurope.com of 08.12.2011.
However, “a number of items” kept the two parties from reaching an agreement, Visteon CEO Don Stebbins said, as a result of which the earlier memorandum of understanding between the two parties was now terminated. Stebbins added that Visteon would now seek “alternative solutions”.
The former Ford subsidiary with facilities in 27 countries and a workforce of 25,000 has been actively seeking to divest non-core businesses. In March this year, Visteon sold its automotive lighting business to Varroc Engineering (Aurangabad / India; www.varrocengg.com) – see Plasteurope.com of 15.03.2012.
However, “a number of items” kept the two parties from reaching an agreement, Visteon CEO Don Stebbins said, as a result of which the earlier memorandum of understanding between the two parties was now terminated. Stebbins added that Visteon would now seek “alternative solutions”.
The former Ford subsidiary with facilities in 27 countries and a workforce of 25,000 has been actively seeking to divest non-core businesses. In March this year, Visteon sold its automotive lighting business to Varroc Engineering (Aurangabad / India; www.varrocengg.com) – see Plasteurope.com of 15.03.2012.
10.07.2012 Plasteurope.com [222774-0]
Published on 10.07.2012
German version of this article...