Visteon selling stake in China joint venture

By Rhoda Miel
News Editor

Published: August 13, 2013 2:39 pm ET
Updated: August 13, 2013 2:43 pm ET

Related to this story

Topics Automotive, Mergers & Acquisitions, Injection Molding
Companies & Associations Visteon Corp.

Visteon Corp. has agreed to sell its share of the joint venture Yanfeng Visteon Automotive Trim Systems Co., but will pick up majority control of the electronics venture Yanfeng Visteon Automotive Electronics Inc.

Both deals are with Visteon's joint venture partner in the two businesses, Huayu Automotive Systems Co. Inc. of Shanghai. The agreements are expected to wrap up by June 2015. The transactions are worth a total of $1.5 billion, Visteon said in an Aug. 13 news release.

HASCO will retain a minority interest in Yanfeng Visteon Electronics, but Visteon will have the controlling ownership. Visteon also announced that it will buy up to $1 billion of its shares in a repurchasing program.

Visteon, based in the Detroit suburb of Van Buren Township, Mich., had a non-controlling interest in Yanfeng Visteon Automotive Trim Systems, which produces injection molded interior parts in China, the U.S., Germany and India.

Yanfeng Visteon Electronics is based in Shanghai and has five plants in China making interior electronic components.

Visteon has been looking to decrease its business in interior parts and focus on core operations in electronics and climate control while also building its footprint in Asia.

Both the electronics and interior trim business date to 1994 and joint ventures between Ford Motor Co. and units of Shanghai Automotive Industrial Co. Ford transferred its share to Visteon when it spun off its one-time parts business to an independent company in 2000. SAIC transferred its shares to HASCO in 2009.


Comments

Visteon selling stake in China joint venture

By Rhoda Miel
News Editor

Published: August 13, 2013 2:39 pm ET
Updated: August 13, 2013 2:43 pm ET

Post Your Comments


Back to story


More stories

Image

RJG buys UK training group G&A

September 30, 2014 11:10 am ET

G&A Moulding Technology Ltd., a United Kingdom-based training and consultancy group, has been bought by RJG Inc., the U.S.-based training business.    More

Image

Ohio molder Denbro Plastics moves to new location

September 29, 2014 6:17 pm ET

Logo products injection molder Denbro Plastics Co. has moved to another plant within Toledo, Ohio, to streamline production and improve efficiency.    More

Image

Japan's parts makers face challenges as carmakers expand supply base

September 29, 2014 11:01 am ET

For all their size and success, Japanese auto suppliers that rocketed to global dominance on the coattails of their No. 1 customer, Toyota Motor Corp....    More

Image

Clariant extends reach into Asia with acquisition

September 29, 2014 9:54 am ET

Clariant International Ltd. is buying VitaPac (HK) Industrial Ltd., a Hong Kong-based company which produces desiccant packets for the healthcare...    More

Image

Nypro Healthcare continues to grow following Jabil acquisition

September 26, 2014 1:59 pm ET

Nypro Healthcare's newest medical device manufacturing facility offers 200,000 square feet of carefully configured Class 8 clean room molding and asse...    More

Market Reports

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 industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

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

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

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