DETROIT (Aug. 2, 1 p.m. ET) — Visteon Corp. has completed the sale of its global auto lighting business to India's Varroc Group and is continuing with plans to sell its stake in a Chinese lighting joint venture to the same company.
Varroc, based in Aurangabad, takes control of manufacturing and engineering facilities in Monterrey, Mexico, Pune, India, and two sites in the Czech Republic — Novy Jicin and Rychvald. The business group had 2011 sales of $531 million and has 4,2000 employees.
Visteon, with global offices in the Detroit suburb of Van Buren Township, Mich., first announced the $72 million sale in March and completed the sale on Aug. 2, the companies said in a news release.
The lighting business covers exterior front and rear lighting as well as auxiliary lamps and subcomponents such as projectors and electronic modules.
The agreement to sell Visteon's equity interest in Chinese lighting joint venture Visteon TYC Corp. for $20 million is expected to close once Varroc completes its due diligence.