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Visteon Could Split into Two Companies
Visteon Corp.'s board is studying a plan that would turn the supplier into two companies, one for electronics and one for climate control systems, according to Bloomberg News.
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Visteon Corp.'s board is studying a plan that would turn the supplier into two companies, one for electronics and one for climate control systems, according to Bloomberg News.
The board figures the two divisions add little value as part of a single corporation, according to Bloomberg. Consultants Gabelli & Co. tell the news service the units separated would be worth 25% more than the $4.5 billion market value of Visteon in its current form.
Another option would be to keep the fast-growing electronics unit and shed the climate control business. The latter unit was consolidated in January 2013 with Visteon's South Korean affiliate Halla-Visteon Climate Control Corp., giving Visteon a 70% stake in the merged venture and requiring Halla's approval to sell the holding.
Visteon CEO Tim Leuliette told Bloomberg early last year there were no plans to divest the climate control business.
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