Visteon Corp. said Monday it completed the largest phase of a deal to transfer its automotive interiors business to Dutch firm Reydel Automotive Holdings BV.
Reydel is held by New York private investment firm Cerberus Capital Management LP, former owners of Chrysler Group.
Under the terms of the deal, announced May 2, Reydel assumes the approximately $20 million in pension liabilities of the business unit and Visteon, based in the Detroit suburb of Van Buren Township, will invest $95 million into the business under Cerberus. Visteon has also agreed to provide $90 million in revolving credit to bridge the deal, which will be paid back by Cerberus, the supplier said.
When the deal was announced, Baarn, Netherlands-based Reydel was not specifically identified as the Cerberus unit involved.
Visteon will remain in control of certain real estate assets of the unit in South America and Europe, worth about $35 million.
The remaining terms or the unfinished parts of the deal were not disclosed.