Visteon Signs Agreement to Sell Shares in Duckyang Joint Venture for $24.1
Million as Step Toward Interiors Divestiture
VAN BUREN TOWNSHIP, Mich., March 19, 2014
VAN BUREN TOWNSHIP, Mich., March 19, 2014 /PRNewswire/ --Visteon Corporation
(NYSE: VC) today announced that the company has reached an agreement to sell
its 50 percent ownership stake in a Korean automotive interiors joint venture,
Duckyang Industry Co., Ltd. (024900:KS), in support of its previously
announced intentions to divest its interiors business.
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The sale to certain management shareholders of Duckyang and associated parties
for the equivalent of about $24.1 million (25.9 billion Korean Won) is
expected to be completed in April after closing conditions are met. In
addition to the $24.1 million from the share sale, Visteon expects to receive
approximately $5.9 million (6.3 billion Korean Won) in dividends.
"We are pleased to have reached this agreement to sell our stake in this
non-consolidated interiors joint venture as another step in Visteon's
transformation, and in support of our stated goal to exit our interiors
business," said Visteon President and CEO Timothy D. Leuliette. "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
Based in Ulsan, South Korea, Duckyang manufactures and develops original
equipment interior components for vehicles.
Visteon is a leading global automotive supplier delivering value for vehicle
manufacturers and shareholders through businesses including Halla Visteon
Climate Control Corp., Visteon Electronics and Visteon Interiors. Visteon
designs, engineers and manufactures innovative components and systems for
virtually every vehicle manufacturer worldwide. With corporate offices in Van
Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has
facilities in 29 countries and employs about 24,000 people. Visteon had sales
of $7.4 billion in 2013. Learn more at www.visteon.com.
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SOURCE Visteon Corporation
Contact: Media: Jim Fisher, 734-710-5557, 734-417-6184 - mobile,
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