Tuesday, June 18, 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.
Comment![M&A]
Monday, January 14, 5:43 PM
Visteon (VC) guides its FY12 EPS to the high end of its range, sees FY13 earnings coming in at $2.96 - $4.19, with sales at $7.3B - $7.5B. Street estimates are for FY13 EPS at $3.69 on $7.25B in sales. The company also ups its share buyback program to $300M.
1 Comment[Earnings]
Monday, January 14, 5:17 PM
Visteon (VC) board has approved a $200M increase to its share buyback program. This amount is in addition to approximately $50M remaining under its existing $100M share repurchase program. Visteon expects that the increase being announced today will cover share repurchases over the next two years.
Comment!
Thursday, November 1, 2012, 6:14 AMVisteon (VC): Q3 EPS of $0.37 misses by $0.11. Revenue of $1.62B (-15% Y/Y) in-line. (PR)
Comment![Earnings]
Monday, October 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)
Comment![Consumer, M&A]
Wednesday, October 3, 2012, 6:18 PM
Visteon (VC) -1.1% AH after announcing CFO Martin Welch has resigned, and that chief accounting officer Michael Widgren will serve as interim CFO until a successor is found. CEO Don Stebbins resigned in August. (PR)
Comment![Consumer]
Thursday, August 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.
Comment![M&A]
Monday, August 13, 2012, 1:07 PM
Shares of Visteon (VC +8.8%) pop after word breaks that the company replaced its CEO. The takeaway from the development is that the auto parts supplier could be broken up and sold off in pieces.
1 Comment[On the Move, Consumer]
Monday, August 13, 2012, 8:11 AM
Visteon (VC) says Don Stebbins steps down as chairman, CEO and president of the company, and director Timothy Leuliette is named to fill the roles on an interim basis while it searches for a permanent replacement. Visteon, a Ford spinoff, emerged from bankruptcy protection in 2010 under Stebbins. Shares -1.6% premarket.
Comment![Consumer, On the Move]
Thursday, August 2, 2012, 6:39 AMVisteon (VC): Q2 EPS of $1.40 beats by $0.61. Revenue of $1.69B (-17.3% Y/Y) misses by $160M. (PR)
Comment![Earnings]
Tuesday, July 24, 2012, 1:50 PM
Auto-parts provider Visteon (VC -3.4%) fails in its ~$800M tender offer for the 30% it doesn't own in South Korea's Halla Climate Control, a provider of car air conditioners. The main problem was that Visteon couldn't persuade Halla's second-biggest shareholder, National Pension Service, to take part in the tender.
Comment![On the Move]
Thursday, July 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.
Comment![Consumer, M&A]
Alan Brochstein $SFE is perking up - certainly not overpriced and a potentially interesting way for individuals to invest in VC/PE funds with liquidity