Visteon Finalizes $3.6 Billion Sale of Climate Control Stake

Visteon Corp. has finalized the sale of its 70% stake in Halla Visteon Climate Control Corp. to South Korea's Hankook Tires Co. and private equity company Hahn & Co.

Visteon announced the $3.6 billion sale last December. The company previously merged its climate control operations with the Korean venture in 2013. The sale enables Visteon to focus on vehicle electronics and connectivity products.

The Detroit-area company says it will return at least $2.5 billion from the sale to shareholders through buybacks and special distributions over the next 12 months.