Visteon Announces Definitive Agreement to Consolidate Worldwide Climate Operations Under 70 Percent-Owned Affiliate Halla

   Visteon Announces Definitive Agreement to Consolidate Worldwide Climate
      Operations Under 70 Percent-Owned Affiliate Halla Climate Control

-- Consolidation expected to be completed in first quarter 2013

-- Visteon to contribute assets to Halla for purchase price of $410 million in
cash

-- New Halla Visteon Climate Control will be second largest global supplier of
automotive climate products and systems, based in Korea

-- Halla shareholders expected to see immediate accretion and further growth
opportunities

-- Integrated business will offer customers full-line product portfolio,
innovative technology and low-cost global footprint

PR Newswire

VAN BUREN TOWNSHIP, Mich., Jan. 11, 2013

VAN BUREN TOWNSHIP, Mich., Jan. 11, 2013 /PRNewswire/ --Visteon Corporation
(NYSE: VC) and its longtime Korean affiliate Halla Climate Control Corp. (HCC)
today announced they have signed a definitive agreement to contribute most of
Visteon's automotive climate business to HCC for a purchase price of $410
million in cash (KRW 436 billion), subject to certain adjustments. The
transaction, first outlined in September 2012, is subject to regulatory
reviews and other conditions, and is expected to be completed in the first
quarter of 2013. HCC is expected to finance the transaction through a
combination of cash on hand and moderate borrowing.

(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )

Visteon owns 70 percent of Korean-based HCC and will have the same ownership
level in the combined business. The company, to be renamed Halla Visteon
Climate Control Corp., will be the world's second largest global supplier of
automotive climate components and systems. The combined business will have
facilities in 17 countries, including 32 manufacturing plants, five global
technical centers and seven regional customer centers. The transaction will
include Visteon's equity interest in climate joint ventures in China, India
and Japan.

"This agreement demonstrates our commitment to provide the best climate
technological solutions to automakers globally and to further capitalize on
our successful relationship with Halla, which has seen revenues quadruple over
the past 20 years – including the last 13 under majority Visteon ownership,"
said Tim Leuliette, Visteon president and CEO. "The combined business will
have a strong balance sheet, an above-industry average growth profile, and a
manufacturing and engineering footprint considered the lowest cost among
climate suppliers. The consolidated Halla Visteon Climate Control will be
exceptionally well-positioned to deliver value for customers and
shareholders."

Visteon's climate business had revenues of more than $4 billion in 2011. The
operations that Visteon will consolidate into Halla span 12 countries across
Europe, North America and Asia and encompass more than 5,000 manufacturing,
engineering and administrative employees.

Core products of Halla Visteon Climate Control will include heating,
ventilation and air conditioning (HVAC) components; compressors; fluid
transport and powertrain cooling products. Its innovative climate capabilities
will include heat pump systems and battery thermal management for electric and
hybrid vehicles.

Throughout its majority ownership, Visteon has supported HCC's approximately
$1 billion investment to become a more competitive supplier globally, building
on HCC's strong reputation in Korea.

Rothschild and Squire Sanders are advising Visteon on the climate transaction.

About Visteon
Visteon is a leading global automotive supplier delivering value for vehicle
manufacturers and shareholders through a family of businesses including:

  oHalla Visteon Climate Control, majority-owned by Visteon and the world's
    second largest global supplier of automotive climate components and
    systems (consolidation to be completed in first quarter 2013).
  oVisteon Electronics, a leading supplier of audio/infotainment, driver
    information, center stack electronics and feature control modules
  oVisteon Interiors, a global provider of vehicle cockpit modules,
    instrument panels, consoles and door trim modules.
  oYanfeng Visteon Automotive Trim Systems Co., Ltd., a successful
    China-based partnership between Visteon and Shanghai Automotive Industry
    Corporation's automotive components group, Huayu Automotive Systems.

Through this family of enterprises, Visteon designs, engineers and
manufactures innovative components and systems for virtually every vehicle
manufacturer worldwide, and these businesses generated more than $12 billion
in sales in 2011, including unconsolidated operations. With corporate offices
in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK;
Visteon has facilities in 28 countries and employs through its various
businesses, including unconsolidated operations, approximately 55,000 people.
Learn more at www.visteon.com.

SOURCE Visteon Corporation

Website: http://www.visteon.com
Contact: Media: Jim Fisher, +1-734-710-5557, jfishe89@visteon.com; Investors:
Scott Deitz, +1-734-710-2603, sdeitz@visteon.com
 
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