Visteon CorporationNYSE
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  • Mon, Jul. 11, 7:18 AM
    • Visteon Corporation (NYSE:VC) completed the acquisition of India-based AllGo Systems.
    • "The acquisition creates a new global multimedia and smartphone connectivity supplier benefiting from AllGo's entrepreneurial approach and Visteon's global scale," said K. Srinivasan, director and CEO, AllGo Systems. "AllGo's ready-to-use intellectual property-protected portfolio, combined with Visteon's expertise in infotainment and global automaker reach, positions us as the leaders in multimedia and smartphone connectivity solutions."
    • Press Release
    | Mon, Jul. 11, 7:18 AM
  • Tue, Jan. 12, 4:58 PM
    • Visteon (VC +1.6%), a supplier of automotive cockpit electronics, has agreed to acquire India-based AllGo Systems.
    • Terms weren't disclosed. AllGo develops Linux- and Android-based embedded multimedia systems for "infotainment" systems in vehicles.
    • "AllGo's strong position in multimedia and smartphone connectivity software adds greater scale and depth to Visteon's infotainment software capabilities," says Visteon chief Sachin Lawande. "AllGo's ready-to-use IP provides automotive manufacturers with a turnkey software-on-chip solution to cost-effectively introduce smartphone and mobile applications from the vehicle's audio head unit."
    • The deal should close in Q1.
    | Tue, Jan. 12, 4:58 PM
  • Nov. 2, 2015, 9:29 AM
    • Visteon (NYSE:VC) has signed an agreement to sell its non-core automotive interiors plant in Berlin, currently held by Visteon Deutschland and APTUS.
    • This move marks the sale of Visteon's only remaining interiors operation not covered by the 2014 divestiture of the interiors business to Reydel Automotive Holdings.
    | Nov. 2, 2015, 9:29 AM
  • Dec. 17, 2014, 9:35 AM
    • Visteon (VC +6%) enters an agreement to sell close to 70% of Halla Visteon Climate Control to an affiliate of Hahn & Company for $3.6B.
    • The company says it expects the deal to close in the first half of 2015, but in the meantime is hedging most of the proceeds against currency swings.
    • Shares of Visteon perked up in November after the company confirmed it was in talks over a deal.
    | Dec. 17, 2014, 9:35 AM | 1 Comment
  • Jan. 13, 2014, 8:24 AM
    • Visteon (VC) has agreed to acquire the the automotive electronics business of Johnson Controls (JCI) for $265M in cash.
    • The deal will turn Visteon into one of the top three suppliers of automotive "cockpit" electronics with combined annual sales of $3B.
    • The unit earned FY 2013 revenue of $1.3B and EBITDA of $58M.
    • Visteon forecasts cost synergies of over $40M by 2017.
    • The company also says that it plans to sell its Visteon Interiors unit in three separate transactions to different buyers in H1.
    • Visteon expects the impact of these deals to be neutral. (PR)
    | Jan. 13, 2014, 8:24 AM | 1 Comment
  • Aug. 13, 2013, 7:03 AM
    • 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)
    | Aug. 13, 2013, 7:03 AM | 1 Comment
  • Jun. 18, 2013, 2:05 AM
    Johnson Controls (JCI) is reportedly in talks with P-E firms about selling them its automotive electronics unit, which is valued at $1B, after industry interest weakened due to the unit's softer-than-expected performance. Delphi Automotive (DLPH) has pulled out the running, although Visteon (VC) and SAIC (SAI) subsidiary Huayu Automotive Systems are still involved.
    | Jun. 18, 2013, 2:05 AM
  • Oct. 29, 2012, 5:52 AM

    Ford (F) agrees to sell its climate-control business to Detroit Thermal Systems, a JV of France's Valeo and entrepreneur Vincent Johnson. While the price is undisclosed, the deal is significant because it represents the final step in a 2006 plan to cut Ford's North American workforce and sell its Visteon (VC) parts facilities. The plan was put in place by Mark Fields, hotly tipped to be Ford's next CEO. (PR)

    | Oct. 29, 2012, 5:52 AM
  • Aug. 30, 2012, 3:41 AM
    South Korea's Mando says it may offer to acquire the 70% of Halla Climate Control that's owned by U.S. autoparts company Visteon (VC). However, Shinyoung Securities analyst Lee Hyung Sil is skeptical, saying Mando doesn't "have the means." In July, Visteon unsuccessfully tried to acquire the remaining 30% in Halla, which has a market cap of $2.3B.
    | Aug. 30, 2012, 3:41 AM
  • Jul. 5, 2012, 3:57 PM

    Auto parts supplier Visteon (VC +0.4%) says it plans to offer $805M to take full control of South Korean car air conditioner maker Halla Climate Control, a move which it says would add to earnings immediately. VC already owns 70% of Halla's shares. But analysts caution that a key shareholder may hold out for more.

    | Jul. 5, 2012, 3:57 PM
  • Mar. 12, 2012, 1:12 PM

    Visteon (VC -1%) dips after agreeing to sell its automotive lighting business for $92M in cash, as part of the auto-parts maker's ongoing effort to focus on core businesses.

    | Mar. 12, 2012, 1:12 PM
  • Nov. 2, 2011, 10:54 AM
    New directors nominated by activist hedge fund Alden Global are leading a push to break up Visteon (VC +4.3%) even though the auto parts supplier's management has argued against such a move, Reuters reports. The directors were said to have driven key decisions including hiring Goldman Sachs (GS) as an adviser and replacing the company's CFO. (also)
    | Nov. 2, 2011, 10:54 AM
  • Oct. 28, 2011, 2:51 PM

    Visteon (VC +9.6%) spikes in afternoon trading after five sources tell Bloomberg the automotive systems maker is looking to sell its Lighting and Interiors divisions. The divisions produced $2.7B in revenue last year, and it's speculated they could fetch up to $450M in a sale.

    | Oct. 28, 2011, 2:51 PM