Visteon Sells UK Facility

Aug 30, 2008 (financialwire.net via COMTEX) -- VC | Quote | Chart | News | PowerRating -- August 29, 2008 (FinancialWire) -- Visteon Corp. (NYSE: VC | Quote | Chart | News | PowerRating) (Current Market Cap: US$413.88 Mil.) has sold its Halewood, United Kingdom, facility to International Automotive Components Group Europe, an automotive supplier for interior trim, carpet and acoustics systems, and exterior trim. Terms of the sale were not disclosed.

The Halewood facility is engaged in the assembly and sequencing of cockpit systems and consoles to Jaguar Land Rover's Halewood operation. The Halewood facility posted 2007 sales of around $150 million and operated on close to a break-even basis.

Under the business purchase agreement, Visteon will transfer the assembly facility and associated assets including purchase and supply contracts to IAC Europe. The nearly 150 employees currently employed at the facility will also transfer to the new owner.

Van Buren Township, Michigan-based Visteon is a global automotive supplier that designs, engineers and manufactures climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers.

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

http://www.financialwire.net

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index