The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from PR Newswire

Visteon Confirms Halla Climate Control Board Approval of Agreement to Consolidate Visteon Climate Operations into Halla

Thursday, January 10, 2013

Visteon Confirms Halla Climate Control Board Approval of Agreement to Consolidate Visteon Climate Operations into Halla02:01 EST Thursday, January 10, 2013Visteon board approval expected soon; transaction on track for completion in first quarter 2013VAN BUREN TOWNSHIP, Mich., Jan. 10, 2013 /PRNewswire/ -- Visteon Corporation (NYSE: VC) confirmed today that the board of directors of its Korean affiliate Halla Climate Control Corp. (HCC) has approved a definitive agreement to consolidate most of Visteon's automotive climate business into HCC. Approval of the agreement by Visteon's board of directors and entry into the final agreement are expected soon. Visteon also confirmed that the transaction, first outlined in September 2012, is on track to be completed in the first quarter of 2013.(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )Visteon owns 70 percent of HCC and would have the same ownership level in the combined business. The consolidation would create the second largest global supplier of automotive climate components and systems. About Visteon Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronics and interior products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 28 countries and employs approximately 22,000 people. Learn more at www.visteon.com.  SOURCE Visteon CorporationFor further information: Media: Jim Fisher, +1-734-710-5557, +1-734-417-6184 - Mobile, jfishe89@visteon.com; Investors: Scott Deitz, +1-734-710-2603, sdeitz@visteon.com