The Visteon Corporation recently announced the sale of Visteon Powertrain Control Systems India (VPCSI) in Chennai to Adyar River, Ltd. This transaction is part of the company's overall plan to improve its business through restructuring.
The agreement covers the VPCSI operation in Chennai, which manufactures starters and alternators for global car makers. The transaction supports the company's strategy to invest proceeds from the sale of non-core assets in its market-leading businesses. Employees in the operation will continue to be employed as part of the transaction. Terms of the agreement were not disclosed.
"This is another accomplishment in the process of restructuring our business to focus on our key products and core technologies," says Donald J. Stebbins, Visteon's president and chief operating officer. "With this sale, our restructuring program is now more than 50 percent complete, and this gives us even more flexibility to improve and grow our business."
For more than seven years, Visteon, a supplier of automotive climate control systems, interiors and electronics, has had a significant presence in India where it continues to expand and grow. Today, the Visteon India footprint includes four manufacturing plants and two technical centers, employing more than 2,000 people. India is an important part of Visteon's expansion in Asia, the fastest growing automotive market in the world. Visteon has 55 facilities and 38 manufacturing plants in Asia, which the company expects to become its largest region by 2009, generating nearly 50 percent of its revenue.
More information about Visteon and its restructuring venture is available on the company's Web site.