Mexican Media Brands
Visteon Dumps China Interiors Venture, Bolsters Electronics Business
Visteon Corp. is selling off its stake in an interiors venture in China and buying majority control of a separate auto electronics partnership there.
#interior #electronics
Share
Visteon Corp. is selling off its stake in an interiors venture in China and buying majority control of a separate auto electronics partnership there.
The company will gain nearly $1.3 billion for selling its 50% share in Shanghai-based Yanfeng Visteon Automotive Trim Systems Co. to partner Huayu Automotive Systems Co.
The deal does not affect Visteon's wholly owned interiors business in China. The company continues to seek another buyer for that unit after plans to sell it to the Yanfeng Visteon venture collapsed last summer.
Separately, Visteon says it will spend $70 million to acquire majority control of its fast-growing electronics venture with Huayu in China.
Both moves are part of a restructuring plan announced a year ago by CEO Tim Leuliette to shed slow-growing businesses, restructure its automotive climate-control unit and expand its electronics operations.
RELATED CONTENT
-
Leather Seat Source
This is something that you ordinarily don’t have the opportunity to see, which is inside the Katzkin Leather factory.
-
GM Seeks to Avert U.S. Plant Shutdowns Linked to Supplier Bankruptcy
General Motors Co. says it hopes to claim equipment and inventory from a bankrupt interior trim supplier to avoid being forced to idle all 19 of its U.S. assembly plants.
-
2018 Genesis G80 AWD 3.3T Sport
The thing about the 2018 Genesis G80 AWD 3.3T Sport: The head of a valet service at a restaurant on New Year’s Eve said to me as his associate handed me back the key fob (a hefty object, speaking to the fact that this is a substantial vehicle), “We don’t see many of these.” A couple days later, a locksmith in downtown Plymouth, who was making some keys for autofieldblog HQ (yes, there are still independent locksmiths that make keys for doors) looked out his window and said to me, “What’s that?” Neither of these probably make the people at Genesis all that happy, but in both cases the tone of voice indicated admiration, if not full-on interest.