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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
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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.
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