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Visteon is selling its 70% Halla Climate unit stake for $3.6 billion

Visteon Corp. has reached an agreement to sell a 70-percent stake in Halla Visteon Climate Control Corp. to Hankook Tire Co. and private-equity partner Hahn & Co. for $3.6 billion, as it bids to concentrate on connected-vehicle solutions and cockpit electronics. In 2013, Visteon sold its climate business to Halla Climate Control in 2013, but retained a stake.

Visteon is focusing on connected cars, as it tries to take advantage of the fact that 39 percent of car buyers consider in-vehicle technology as the top selling point, according to an Accenture study.

Gregory Coppola, managing director of Alderney Advisors, told Bloomberg in an interview that suppliers are trying to focus on the higher margin parts, noting that climate control is not a high-margin part on a long-term basis – which could the reason behind Visteon’s decision to sell its stake in Halla Visteon.

Read the entire article Visteon is selling its 70% Halla Climate unit stake for $3.6 billion

Visteon is divesting global auto interiors ops to Cerberus affiliate

Visteon Corp. has inked a deal to divest its global automotive interiors operations to an affiliate of Cerberus Capital Management LP. Under the terms of the agreement, Cerberus assumes around $20 million in pension liabilities of the unit while Visteon will make a $95-million investment into the business under Cerberus.

Visteon will also provide $90 million in revolving credit to bridge the agreement that will be repaid by Cerberus. Visteon, however, will still take control of certain real estate assets of the business unit -- worth $35 million -- in South America and Europe.

Visteon’s global automotive interiors unit supplies automotive cockpit modules, instrument panels, door panels and floor panels from 15 sites and six engineering centers in Asia, Europe and South America.

Read the entire article Visteon is divesting global auto interiors ops to Cerberus affiliate

Visteon signs deal to use Autonet’s telematics software

Visteon Corp. has inked an agreement with Autonet Mobile Inc. that enables the Michigan-based supplier to integrate the latter’s telematics software into its next-generation infotainment systems. Under the agreement, Autonet will provide operating system software, apps and technical support to Visteon. Autonet has developed mobile apps for parental controls and fleet management as well as remote vehicle commands.

Autonet’s software can be employed for usage-based auto insurance, highway tolls and parking fees. Carmakers can use Autonet's technology in upgrading a vehicle's software from a remote location, thus eliminating the need for a driver to visit the dealership.

Sterling Pratz, president and co-founder of Autonet, expressed confidence to Automotive News that over-the-air software updates will be a popular feature for carmakers. "We're pretty excited about it," Pratz said.

Read the entire article Visteon signs deal to use Autonet’s telematics software

Visteon logged 13% drop in Q2 net income to $65 million

Visteon Corp. posted a 13-percent drop in net income in the second quarter of 2013 to $65 million, or $1.29 a share, compared with $75 million, or $1.40 a share, in the same period in 2012. Despite the lower second-quarter profits, Visteon still managed to beat Wall Street expectations. Visteon chief executive Tim Leuliette said in a statement attributed the profit to stronger operating earnings in all of its regions, including Europe.

Excluding one-time items, the company earned $1.41 a share, beating heavily expectations by analysts surveyed by Thomson Reuters I/B/E/S at $1.06. The supplier posted a nearly 12-percent surge in sales in the second quart of 2013 to $1.89 billion, beating the $1.88 billion analysts had expected. Hyundai -Kia accounted for around a third of sales in the quarter while Ford accounted for 31 percent. By region, Asia accounted for 43 percent of sales; Europe, 31 percent; and North America, 20 percent.

Despite the lower profits in the second quarter, Visteon revised its full-year 2013 forecast upwards, citing improving business conditions. The supplier had forecasted earnings before interest, taxes, depreciation and amortization, excluding special items, for 2013 of between $620 million and $660 million. Visteon upped the figure to between $660 million and $690 million.

Read the entire article Visteon logged 13% drop in Q2 net income to $65 million

A first-quarter net profit greeted electronics supplier Visteon Corp. in 2013, thanks to its increased presence in Asia and North America. The restructured supplier posted a net income of $69 million, or $1.33 per share, in the first quarter of 2013, in contrast to a loss of $29 million, or 56 cents per share, in the same period in 2012.

The company also posted an 8-percent jump in revenues, half of which were recorded in Asia, to $1.86 billion. Visteon exceeded an average estimate of $1.08 per share in profit on $1.74 billion in revenues by analysts surveyed by Thomson Reuters. Higher demand for vehicles in Asia and North America in the first quarter meant higher revenues for Visteon, as its customer seek more of its electronic products.

South Korean carmaker Kia Motors, which is Visteon's largest customer, posted an almost 9-percent hike in sales in April. Ford Motor Co., Visteon's second-largest customer, logged better-than-expected results in April and posted higher sales in North America. Kia and Ford together accounted for over 60 percent of Visteon's revenues in the first quarter of 2013. In 2011, Visteon made $8.05 billion in revenues, of which Europe accounted for 36 percent.

Read the entire article Visteon posts $69 million net profit in first quarter 2013

The shares of United States-based auto-parts maker Visteon Corp. are at their highest level in over three months following a statement from Mando Corp. that it may submit a bid for the 70 percent stake of Visteon in Halla Climate Control Corp., the former affiliate of Mando. Visteon’s shares rose by 8.4 percent to $46.00 at 12:33 p.m. in New York. It had earlier reached $46.46, its highest price since May 7.

From the start of the year through Wednesday, its shares had decreased by 15 percent. This took place as Visteon faltered in its plan to discard lower-margin units and concentrate on quicker-growing operations mainly in Asia. Visteon, which was spun off from Ford Motor Co. in 2000, has experienced a 31% surge this month based on rumors that it may draw in a bid for Halla Climate shares or be subjected to a direct takeover offer.

In Mando’s regulatory filing, it stated that Mando has secured the services of an adviser but that nothing has been decided yet. Last July, Visteon failed in an attempt to purchase the remaining 30 percent of Halla Climate, which produces automotive air conditioners. South Korea’s National Pension Service, which is 8.1 percent-owned by Halla, turned down the US company’s proposal and got into a preliminary agreement so that Mando could get the preferred bidder status for the fund’s stake.

Read the entire article Visteon shares are at their highest level in over three months

Tim Leuliette has been named as Visteon’s interim CEO and chairman after CEO Don Stebbins stepped down. Stebbins, 54 years old, was the top official at the company for four years. In the fall, Leuliette was one of several independent board members who had been urging Stebbins to get the company leaner and more efficient.

After Visteon came out of bankruptcy in 2010, it has reported losses in two of the past three quarters. Stebbins has kept a strategy of acquiring companies since the spring of 2011. When interviewed by Bloomberg on August 2, Stebbins explained his strategy. Stebbins’ resignation took effect on August 10. After Visteon was spun off from Ford Motor Co. in 2000, the interiors and electronics supplier weren’t able to achieve an annual profit before it became bankrupt in May 2009.

Last July, Visteon revealed that it offered $805 million to acquire the 30 percent stake that was left in its Korean joint venture, Halla Climate Control Corp. However, this idea failed to push through as the mentioned that deal was thrown out after the country's National Pension Service. Weeks ago, Visteon lowered its annual sales forecast. He cited the strength of the currency and the dropping production in Europe and on other regions. T

Read the entire article Tim Leuliette is Visteon’s interim CEO as Don Stebbins stepped down

To take full control of Halla Climate Control Corp., Visteon Corp. will be making an offer of about $800 million. However, there may be obstacles. Analysts say that a key shareholder could be holding out for more. Halla is an air conditioner maker based in South Korea while Visteon is a U.S. auto parts supplier. Over 60% of Halla’s revenue is from Hyundai Motor Group.

Halla would be a valuable asset to Visteon because of its prowess in high-end air conditioning and heating systems, especially since electric cars tend to need more sophisticated climate control mechanisms. Visteon said that it will make a bid for the 30 percent of the company that it doesn’t own yet. It will offer 28,500 won for each share, a 14 percent premium to Halla’s last closing price.

The offer will begin last Thursday and will continue until July 24. In morning trade, Halla Climate's stock surged by 13 percent to a record high of 28,200 won. It was seen to be last trading at 28,100.

Read the entire article Visteon plans to take full control of Halla, buy remaining stake

Visteon Corp. shareholders have elected nominees who support a plan to give the company a makeover. The struggling supplier has been shopping two of its four units. A proxy statement revealed that shareholders have voted to re-elect directors Duncan Cocroft, Kevin Dowd, Jeffrey D. Jones, Tim Leuliette, CEO Don Stebbins and Harry J. Wilson as well as to add Robert Manzo, a consultant to troubled companies nominated by a "significant shareholder."

Last April, Visteon said that four directors won’t be up for re-election as it gives control to directors that want a revamp. Spokesman Jim Fisker has confirmed these voting results. Visteon, which left bankruptcy in 2010, started to simplify its corporate structure in November when it inked a nonbinding agreement to sell majority of its interiors unit to Yanfeng Visteon, the Chinese joint venture with SAIC Motor Corp.

It was releasing lower-margin revenue in interiors and lighting to concentrate on faster-growing operations in Asia. Visteon said that Stebbins hired Goldman Sachs Group Inc. and Rothschild to give their advice in order to get a strategic review, the company said Oct. 17. Last October, insiders said that independent board members like Wilson and Leuliette compelled Stebbins to interview banks to help streamline the supplier. Visteon reported a loss of $29 million in the first quarter.

Read the entire article Visteon shareholders elected nominees who support a plan to give the company a makeover

At Visteon Corp.’s upcoming annual shareholders meeting in June, seven current members of its board of directors will be seek re-election, as revealed in a filing submitted to the United States Securities and Exchange Commission. In addition, four members of the board won't be seeking another term.

The seven members of Visteon’s board that seek re-election at the company’s upcoming annual meeting include Don Stebbins, 54 years old, chairman and chief executive of the former Ford Motor Co. parts unit in suburban Detroit. Also seeking a re-election is Kevin Dowd, chairman and managing member of New York-based Berkeley Square Advisors LLC. Both Dowd and Wilson were nominated for the board in 2011 as part of a compromise deal between Visteon management and Alden Global Capital, one its largest shareholders.

Likewise looking for a fresh term on the board is Harry Wilson, CEO of Scarsdale, N.Y.-based Maeva Advisors LLC. Wilson is a former senior adviser to automotive task force organized by US President Barack Obama.

Read the entire article Four Visteon board members won’t seek re-election at the company’s annual meeting

Amid reports of Visteon Corp. recently posting a quarterly loss, the Auto parts supplier said that it is studying the sale of "non-core" assets in order to reorganize its corporate structure and boost margins. Visteon has shown interest in owning 100% of South Korea's Halla Climate Control Corp. Presently, Visteon owns 70%.

CEO Don Stebbins said that for the Halla stake, it would be the perfect timing to achieve 100%. Visteon predicts that it would face pressure from several board members and shareholders.

Visteon is actually looking for whoever wants to buy Grace Lake Corporate Center, a support center in Michigan that Stebbins claims to have a book value of $75 million to $80 million.

Read the entire article Visteon shares fell after reporting a quarterly loss

Talks are ongoing between Visteon Corp. and India-based Varroc Group over the sale of its automotive lighting business, according to three sources. Visteon is attempting to sell two of its four auto parts-making units. Two sources said that a deal may be reached at the end of February at the earliest. It is still possible though that discussions will break down.

They also said that this unit, which is the smallest Visteon unit, could fetch $75 million to $100 million. They said that it could get a net worth of $150 million, so Visteon may have to take a non-cash write-down related to the sale.

These talks are part of the management's plan for the one-time Ford Motor Co. parts unit, which emerged from a 16-month bankruptcy in 2010, to reduce lower-margin revenue in interiors and lighting to focus on the operations in Asia that are growing far quicker. 

Read the entire article Visteon to sell its automotive lighting business to India-based Varroc Group

Visteon Corp. wants to divest two of its four units to pare low-margin revenue and to concentrate on faster-growing operations in Asia, according to sources. Last October, the U.S. automotive supplier exited a bankruptcy that lasted 16 months. Visteon hopes that other suppliers will be interested in its lighting and interiors units. Last year, these divisions generated about $2.7 billion in revenue and could amount to as much as $450 million when combined.

A source said that Rothschild is representing Visteon in these two plans. On Oct. 17, Visteon said that Goldman Sachs Group Inc. has been hired to do a broader strategic review.

Two sources said that independent board members like Harry Wilson and Tim Leuliette urged Stebbins to interview banks like Goldman, JPMorgan Chase & Co. and Citigroup Inc. to aid in streamlining a company with most of its value in joint ventures or stakes in overseas businesses.

Read the entire article Visteon planning to sell lighting and interiors units

Visteon Corp. announced that its CFO, William Quigley III, will resign effective Oct. 31. The decision is said to be a "mutual resignation" but that it was an involuntary termination, according to Jim Fisher, director of corporate communications at Visteon. Quigley, who was the CFO since 2007, will leave with over $9.9 million in severance and accelerated restricted stock. Martin Welch, a former CFO at Kmart Corp. and Federal-Mogul Corp., will take the place of Quigley as executive vice president and CFO.

Fisher said that Visteon is making this management change in order to be led by an experienced CFO. He described Welch to be a “tremendously capable and experienced leader.”

He explained that CEO Don Stebbins made this decision for a “world-class leadership class” to be put in place. From 2005-2009, Welch served as the executive vice president and CFO of United Rentals Inc.

Read the entire article Visteon CFO William Quigley III will resign! Martin Welch will step in!

Auto supplier Visteon Corp. stated in a regulatory filing that William Redmond Jr. will resign from the board, effective May 20, since he disagreed with how the nominations for new directors are being handled. Visteon exited bankruptcy last October.

Last Wednesday, Visteon said that it will name two new directors by Aug. 1 based on recommendations by shareholder Alden Global Distressed Opportunities Master Fund LP. Redmond will be replaced by one of the new members.

In a May 8 letter sent to the board after its annual meeting, Redmond said that Visteon sought to retain its legal counsel and public-relations firms to prepare for a proxy fight if Alden drops a proposal to put off the addition of two new directors in September.

Read the entire article Visteon CEO William Redmond Jr. will resign due to bard tactics

Visteon Corp. has given Chief Executive Officer Donald Stebbins a compensation package in 2010 that totaled $26.9 million, up from $3.3 million the previous year. The compensation was fueled by a stock award of $21.2 million, which is the result of how the company’s 16-month bankruptcy reorganization was used to provide a financial windfall to its executives while scrubbing payables of $2.1 billion in debt.

The company and its bondholders have drafted a plan that offered around 2 million new stocks to Stebbins, his team of executives and the bondholders.

However, according to a former shareholder group who requested anonymity, the plan left the shareholders in the lurch. Visteon’s corporate communications director Jim Fisher stated that the compensation for the executive team was approved by the company’s shareholders and creditors as part of the reorganization plan.

Read the entire article Visteon CEO Stebbins gets a bigger compensation than Ford’s Mulally

Visteon Corp. has released its results for the third quarter of 2010. While the company posted a slight increase in product sales, it saw a widening of its loss in the third quarter due to reorganization and post-retirement related expenses.

For the three months ended Sept. 30, 2010, the automotive supplier recorded a net loss of $140 million, compared to just $38 million in the same quarter in 2009. Nonetheless, Visteon saw its nine-month net loss drop in 2010. In the first nine months of 2010, Visteon’s net loss was just $108 million, compared to $148 million in the same period in 2009.

These latest third-quarter results take into account the reorganization and other post-retirement employee benefit plan costs that amounted to $169 million.

Read the entire article Visteon posted a widening in its third-quarter loss, despite sales increase

Visteon Corp. has officially emerged from bankruptcy with a debt that has been reduced by about $2.1 billion. Visteon, which had once been the No. 2 maker of auto parts in the US, was able to strengthen its balance sheet while in bankruptcy and as of June 30, had $979 million in cash.

Visteon expects an investment of $300 million from over 40 bondholders, including the distressed-investment units of Deutsche Bank Securities Inc. and Goldman, Sachs & Co., and hedge fund manager Stark Investments.

They’ve also agreed to buy $950 million of new shares when Visteon exits bankruptcy. About 39% of the company’s revenue came from Asia last quarter, up from 17% in 2005.

Read the entire article Visteon Corp. exits bankruptcy with $600 million debt

Those who visit the booths of automotive industry suppliers hope to get a better idea of the technologies, materials and inner working of the items on display.

And in order to satisfy these expectations, Valeo and Visteon will be showcasing these products on actual vehicles. Last week, Valeo revealed that it will bring a concept vehicle at the Paris Motor Show.

American supplier Visteon followed this announcement with one of its own. Visteon said that this car will be the C-Beyond, a real life display of the 40 technologies in climate and interior systems that the company has developed.

Read the entire article 2010 Paris Motor Show Preview: Visteon C-Beyond Concept

Visteon Corp., which expects to emerge from bankruptcy protection by Oct. 1, is “exiting at the right time, during a recovering market,” according to Van Conway, the founder of Conway MacKenzie Inc., a suburban Detroit consulting firm that does extensive work with suppliers.

Visteon Corp. has been in bankruptcy for almost 15 months and is optimistic that it will be able to benefit from a recovering auto market.

It hopes to leverage its strengths and streamlined product portfolio, and gain from the expertise of a revamped corporate board. On Aug. 31, the US Bankruptcy Court in Delaware approved Visteon's reorganization plan, including a $700 million exit financing package.

Read the entire article Visteon hopes to take advantage of a recovering auto market, report says