Visteon and Huayu Automotive Terminate Memorandum of Understanding to Sell Majority of Visteon's Consolidated Interiors Business to Chinese Joint Venture
VAN BUREN TOWNSHIP, Mich. July 4, 2012 Visteon Corporation (NYSE: VC) and Huayu Automotive Systems Co., Ltd. (HASCO) today announced that after thorough discussions and a complete review of opportunities and options, the companies have agreed to terminate the nonbinding memorandum of understanding (MOU) with respect to a potential transaction that would have combined the majority of Visteon’s global interiors business with Yanfeng Visteon Automotive Trim Systems, Co. Ltd (YFV).
“In a thoughtful and productive way, both parties worked hard to move the agreement forward, but there were a number of items that kept us from doing so,” said Don Stebbins, Visteon chairman, chief executive officer and president. “Visteon will now seek alternative solutions to maximize value creation while maintaining a sharp focus on quality, technology development and innovation for our global customers, including Yanfeng Visteon. Creating value is our top priority.”
Visteon at a Glance
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 27 countries and employs approximately 25,000 people. Learn more at www.visteon.com.