Visteon sells automotive lighting unit for $92M | Luxury Auto Cars
VAN BUREN TOWNSHIP, Mich. (AP) ? Auto tools builder Visteon Corp. is offered the automotive lighting commercial operation to Indian automotive tools retailer Varroc Group for $92 million.
Visteon pronounced the sale voiced Monday will concede it to combine on creation climate-control and wiring products for vehicle manufacturers and on the joint ventures.
The commercial operation being sole accounted for $531 million in income final year and employs about 4,200 workers. That is about sixteen percent of Visteon?s stream work force of about 26,000 employees.
The operations being sole make front and back lighting systems, auxiliary lamps and subcomponents such as projectors and electronic modules. The commercial operation has operations in Europe, North America and Asia.
The agreement is also approaching to include Visteon?s equity interest in Visteon TYC Corp., a China-based lighting corner venture.
Plants concerned in the sale include those in Novy Jicin and Rychvald, Czech Republic; Monterrey, Mexico and Pune, India.
Visteon, which is based in Van Buren Township, Mich., expects to finish the understanding in the third quarter.
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Source: http://www.luxuryautocars.com/visteon-sells-automotive-lighting-unit-for-92m.html
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