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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.
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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.
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