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

Deal puts Convergence Packaging under Comar's umbrella

October 24, 2014 2:00 pm ET

Convergence Packaging Holdings LLC, itself a product of mergers, now is joining together with Comar LLC.    More

Image

Akro-Plastic buying German subsidiary from Metabolix

October 24, 2014 3:32 pm ET

Akro-Plastic GmbH, a Niederzissen, Germany-based plastic compounder, has purchased the assets of Metabolix Inc.'s subsidiary in Germany.    More

Image

Gerresheimer opens first development center in China

October 24, 2014 1:34 pm ET

Medical molder Gerresheimer AG has launched a development center for medical plastic systems in Dongguan, China.    More

Image

SRG opens second China auto parts factory

October 24, 2014 11:25 am ET

U.S. automotive supplier SRG Global Inc. said Oct. 23 it is opening its second plant in China, an injection molding, plating and painting facility in ...    More

Image

Investment firm buys Ontario cap molder

October 23, 2014 2:01 pm ET

A company whose varied interests include food and refrigerated transportation businesses is now moving into plastic caps.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

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

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events