January 10, 2013 at 02:01 AM EST
Visteon Confirms Halla Climate Control Board Approval of Agreement to Consolidate Visteon Climate Operations into Halla
Visteon board approval expected soon; transaction on track for completion in first quarter 2013

VAN BUREN TOWNSHIP, Mich., Jan. 10, 2013 /PRNewswire/ -- Visteon Corporation (NYSE: VC) confirmed today that the board of directors of its Korean affiliate Halla Climate Control Corp. (HCC) has approved a definitive agreement to consolidate most of Visteon's automotive climate business into HCC. Approval of the agreement by Visteon's board of directors and entry into the final agreement are expected soon. Visteon also confirmed that the transaction, first outlined in September 2012, is on track to be completed in the first quarter of 2013.

Visteon owns 70 percent of HCC and would have the same ownership level in the combined business. The consolidation would create the second largest global supplier of automotive climate components and systems.

About Visteon
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronics and interior products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 28 countries and employs approximately 22,000 people. Learn more at www.visteon.com.

 

SOURCE Visteon Corporation

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here