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

Mexico's Katcon moving into advanced materials with German support

April 28, 2015 10:05 am ET

Mexico-based auto exhaust and emissions control company Katcon has formed a new advanced materials business, assisted by German-based engineering...    More

Image

Jaguar Land Rover to begin using MuCell across its product line

April 27, 2015 9:47 am ET

Another automaker has announced plans to use Trexel Inc.'s MuCell molding technology in future production.    More

Image

Haitian builds system for Renault's new China auto assembly plant

April 24, 2015 11:10 am ET

A late-comer to the world's largest auto market, French carmaker Renault SA is currently building its first factory in China.    More

Image

Eriks NV buys two US polymer companies

April 24, 2015 10:38 am ET

Dutch company Eriks NV is expanding its reach in the North American plastics sector with two acquisitions: Dallas-based Seals and Packings Inc. and...    More

Image

Jeco adds Ferry rotational molder to handle increase in business

April 23, 2015 12:27 pm ET

Jeco Plastics Products LLC is ramping up for more work, adding a new Ferry 2600 rotational molder that will provide more capabilities.    More

Market Reports

North American Thermoformed Packaging Market Outlook & Review 2015

Our annual report provides a thorough review and analysis of economic and political conditions, emerging market trends, packaging design advances, materials pricing and sustainable packaging issues impacting supply and demand in the TP segment. Our analysts identify key drivers of growth and opportunities for processors to remain competitive in the years ahead through innovation, production efficiencies and more.

Learn more

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 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

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

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events