Visteon Boosts Equity Stake in Russian Electronics Joint Venture Visteon Avtopribor Electronics joint venture is one of Russia's largest suppliers of cockpit electronics for vehicles
VAN BUREN TOWNSHIP, Mich., Oct. 31, 2013 /PRNewswire/ -- Visteon Corporation (NYSE: VC) has raised its equity stake in its Russian joint venture, Visteon Avtopribor Electronics, from 49 percent to 68.77 percent. This action positions Visteon as a majority shareholder in one of Russia's leading cockpit electronics suppliers.
"Russia remains one of the most attractive automotive markets in Europe and, since its inception, Visteon Avtopribor Electronics has successfully maintained a double-digit growth rate," said Steve Meszaros, president, Visteon Electronics. "With the strong leadership and full support of both partners, Visteon Avtopribor Electronics continues to show high potential for growth."
Established in 2010, Visteon Avtopribor Electronics is a joint venture between Visteon and one of Russia's largest automotive suppliers, Avtopribor. Visteon Avtopribor Electronics has full manufacturing and product development capabilities and supplies a range of cockpit electronics products to global and local vehicle manufacturers including Ford Motor Co., Renault Nissan, GAZ and VAZ.
Centrally located in Vladimir, Russia, 170 kilometers (105 miles) east of Moscow, Visteon Avtopribor Electronics employs 190 people.
Visteon Electronics is a leading automotive supplier of cockpit electronics that delivers innovative in-vehicle user experiences through solutions in user interfaces, connectivity and open architectures. Supported by a global network of 16 manufacturing facilities, four technical centers and 11 customer centers, Visteon Electronics employs approximately 5000 people in its consolidated operations.
Visteon is a global automotive supplier that designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide through a family of businesses including Visteon Electronics, Visteon Interiors, Halla Visteon Climate Control Corp. and Yanfeng Visteon Automotive Trim Systems Co., Ltd. These businesses generated $13.8 billion in sales in 2012 and employ approximately 55,000 people at facilities in 29 countries, including non-consolidated operations. Visteon has corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK. Learn more at www.visteon.com
SOURCE Visteon Corporation