Visteon to Invest in Subsidiary of Chery Technology, Strengthening Automotive Climate Capabilities in China
WUHU, China, Aug. 22, 2011 /PRNewswire/ -- Visteon Corporation (NYSE: VC) today announced its intention to invest in Wuhu Bonaire Auto Electrical Systems Co., Ltd. (Bonaire), a subsidiary of Chery Technology and a major supplier of climate products to Chinese vehicle manufacturer Chery Automobile Co., Ltd.
The investment, through one of Visteon's international affiliates, will enhance Visteon's climate product capabilities and market presence in China while strengthening its business relationship with Chery.
"We are pleased with this expanded partnership with Chery, one of China's largest and fastest-growing automakers," said Joy Greenway, Visteon product group president. "We are committed to enhancing Bonaire's ability to deliver world-class products tailored for this important and growing market."
Founded in 2003, Bonaire is an automotive climate supplier that develops and manufactures heating, ventilation and air conditioning (HVAC) systems and engine cooling systems. Under the new ownership structure, Bonaire will become an automotive climate center of excellence and manufacturing hub for Visteon, serving the rapidly growing Chinese automotive market. Located close to Chery in Wuhu, Bonaire has more than 700 employees including nearly 200 engineers.
"We are pleased to form a strategic alliance with Visteon, which is a strong player in the global automotive market and well known for its climate technology," said Zhang Ping, president of Chery Technology. "We are confident this new structure will enhance our brand and product quality to provide better products and services to our customers."
Visteon is one of the world's leading manufacturers of climate products for vehicles, including compressors, HVAC, powertrain cooling and fluid transport solutions. The company has 17 climate manufacturing sites in Asia, including eight wholly owned or joint venture facilities in China.
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 26,700 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation
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