Visteon Corp.'s sales increased slightly; however, it posted a widening in its third-quarter loss due to reorganization and post-retirement related expenses. The automotive supplier posted a loss of $140 million compared with $38 million loss a year earlier.
These latest results take into account the reorganization and other post-retirement employee benefit plan costs that amounted to $169 million.
Visteon said that net sales rose by 1.6% to $1.7 billion. Visteon also said product sales in the third quarter climbed by $26 million year-over-year, or about 2%.
The rise in sales revealed slightly higher production volumes tempered by currency movements and the impact of previously completed plant divestitures and closures. Visteon ended leasing agreements with Automotive Components Holdings LLC on Sept. 1.
This led to the transfer of about 2,100 employees to Automotive Components Holdings, a Ford Motor Co unit. Visteon Corp. in 2005 spun off several plants to its former parent, Ford, which then moved to set up Automotive Components Holdings to sell those operations.
Asia made up 42% of Visteon's product sales, compared to 36% a year ago. Europe comprised 34% of sales, North America had 17%, and South America had 7% of sales. [via autonews - sub. required]