Visteon selling its Korean interiors JV

By Michael Lauzon
Correspondent

Published: March 20, 2014 12:36 pm ET
Updated: March 20, 2014 12:39 pm ET

Related to this story

Topics Automotive, Mergers & Acquisitions, Asia
Companies & Associations Visteon Corp.

As part of its strategy to exit automotive interiors, Visteon Corp. plans to sell its 50 percent stake in its Duckyang Industry Co. Ltd.  joint venture in South Korea.

Visteon announced March 19 that it has reached a sales agreement with proposed purchasers comprising certain management shareholders of Duckyang and associated parties. The sale price is $24.1 million and Visteon expects to finalize the deal in April after closing conditions are met. Visteon, based in the Detroit suburb of Van Buren Township Mich., said it should also receive about $5.9 million in dividends.

Duckyang of Ulsan, South Korea, develops and produces original equipment interior components for vehicles.

“We are working toward the interiors divestiture as part of our commitment to deliver customer and shareholder value by focusing on our core growth climate and electronics businesses,” explained Visteon President and CEO Tim Leuliette in a news release.

Early this year Visteon boosted its business in vehicle electronics by purchasing Johnson Control Inc.’s electronics unit for $265 million. The unit makes instrument clusters, infotainment displays and body electronics. Visteon estimates the deal should take its annual sales in electronics to $3 billion. Last year, Visteon’s total sales reached $7.4 billion.


Comments

Visteon selling its Korean interiors JV

By Michael Lauzon
Correspondent

Published: March 20, 2014 12:36 pm ET
Updated: March 20, 2014 12:39 pm ET

Post Your Comments


Back to story


More stories

Image

Optical disc molder OEM getting into micromolding with acquisition of CDA

August 29, 2014 11:24 am ET

Optical disc replicator and molder Optical Experts Manufacturing Inc. of Charlotte, N.C., has expanded its core business and entered new high...    More

Image

Haitian's standardization efforts paying off

August 29, 2014 9:53 am ET

Streamlined design efforts and robust export sales helped propel Ningbo, China-based injection molding machine manufacturer Haitian International...    More

Polish injection molder Teknorubber up for sale

August 29, 2014 9:14 am ET

Polish plastic parts maker Teknorubber has been put up for sale following its insolvency filing in March 2014. The company is to be auctioned through ...    More

Image

Concours adding equipment as mold making business booms in Mexico

August 28, 2014 2:05 pm ET

Concours Mold Inc. is heading for a 50 percent increase in sales in Mexico this year after a $4 million upgrade of its plant in Huejotzingo, in the...    More

Image

Canadian mold maker Thibault adding to new operation in Mexico

August 27, 2014 3:19 pm ET

Canadian mold maker I Thibault Inc has purchased an established Mexican company, Tecnimoldes SA de CV, for a seven-figure-dollar-sum and renamed it Ti...    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