Visteon (VC) agrees to sell its 50% holding in Chinese joint venture Yanfeng Visteon Automotive Trim to partner Huayu Automotive for $1.2B. The deal includes Visteon's direct interests in other related JVs.
Separately, Visteon will acquire majority control of the Yanfeng JV's automotive electronics unit for $300M.
"These transactions support our focus on our core climate and electronics businesses," Visteon says.
The U.S. automotive parts supplier also increases its stock buyback program by $875M to $1B. (PR)