Visteon says employees to stay put at U.S. HQ

Dustin Walsh

Published: January 14, 2013 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Automotive, Injection Molding

DETROIT (Jan. 14, 11 a.m. ET) — Despite a deal that will consolidate its climate business in Asia, Visteon Corp. says employees at its headquarters in suburban Detroit will stay put.

Visteon announced this week that the South Korea-based joint venture Halla Climate Control Corp. will buy the supplier’s automotive climate business. Visteon owns 70 percent of Halla Climate.

Once consolidated, the joint venture will be renamed Halla-Visteon Climate Group and led by a Korean management team and traded on the Koreas stock exchange.

However, Visteon’s 300 employees supporting the climate control business will remain here, Jim Fisher, director of corporate communications, wrote in an email.

Visteon’s 400 employees at its Halla Climate plant in Alabama also will stay put under the deal, he said.

“While the Visteon employees supporting climate in Michigan will now be supporting Halla Visteon Climate Control (once the transaction is completed), they will remain based at the (Michigan) facility serving customers as they do today,” Fisher wrote in the email. “As long as Visteon serves customers in the U.S., we require resources in the U.S. to support those customers.”

The supplier also expects to sell its stake in the Chinese joint venture Yanfeng Visteon Automotive Trim Systems Co. Ltd., Visteon CEO Tim Leuliette said in an October 2012 interview.

Leuliette said the Southeast Michigan headquarters would remain at least a technical center, but he would not speculate whether it would remain Visteon’s global headquarters.

“We don’t have a huge presence in Southeast Michigan today; it’s just basically our headquarters, and we have some U.S. debt and some unfunded pension,” Leuliette said then. “We’re asking the question, ‘Where’s the best place for us to be?’”

Visteon’s headquarters currently houses 830 employees, Fisher said.


Comments

Visteon says employees to stay put at U.S. HQ

Dustin Walsh

Published: January 14, 2013 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Ohio molder sold to private equity firm

August 19, 2014 5:23 pm ET

Private equity firm TVV Capital of Nashville has acquired injection molder Design Molded Plastics Inc. for an undisclosed price.    More

Image

Pactiv selling building products unit to Ireland's Kingspan

August 19, 2014 3:54 pm ET

Irish building material manufacturer Kingspan Group plc is acquiring the insulation business of Lake Forest, Ill.-based Pactiv Building Products for...    More

Image

Germany's Bolta building $50 million plating plant in Alabama

August 19, 2014 2:21 pm ET

A German company is setting up a plastics chrome plating plant in Tuscaloosa, Ala.    More

Image

Report: Graham looking to sell Infiltrator

August 19, 2014 11:32 am ET

Private equity group Graham Partners Inc. reportedly is ready to sell septic tank maker Infiltrator Systems Inc. after holding the Old Saybrook, Conn....    More

Image

RTP expands very long fiber thermoplastic production to Mexico

August 19, 2014 9:47 am ET

RTP Co. has introduced very long fiber reinforced compounds at its Monterrey, Mexico, facility.    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events