Mexican Media Brands
Visteon Completes Next Phase of Interiors Business Sale
Visteon Corp. has concluded the first and largest phase of the sale of its remaining auto interiors business to Reydel Automotive Holdings BV.
#interior
Share
Visteon Corp. has concluded the first and largest phase of the sale of its remaining auto interiors business to Reydel Automotive Holdings BV.
The operations include 23 factories and eight engineering centers in Asia, Europe and South America that employ about 5,000 people. The business, which generated about $1 billion in sales last year, makes cockpit modules, door panels, consoles, instrument panels and floor panels.
Visteon announced plans in May to sell the unit. Reydel, a unit of Cerberus Capital Management LP, will assume $20 million in pension liabilities. In exchange, Visteon will invest $95 million in the Ryedel-owned business and provide a $90 million revolving credit bridge loan that Cerberus will pay back.
RELATED CONTENT
-
Toyota, Infiniti, Lincoln and New York
At the New York Auto Show last week, Toyota revealed a concept vehicle—a small four-wheel drive vehicle—that was designed at Calty Design Research in Newport Beach, California.
-
Magna Advances Seating Configurations
Magna International is focusing on electrification, autonomy and smart mobility. This is taking the form of things ranging from an electrified system for rear axles (eDrive 1.0) to a collaborative arrangement with Lyft, which includes the co-development and manufacture of self-driving systems.
-
Honda Launches Its Latest Fuel Cell Vehicle
If Honda is anything, it is an engine company.