Halla Visteon Climate Control Completes Acquisition of Thermal and Emissions Product Line of Cooper-Standard Automotive

Aug 01, 2014, 08:30 ET from Halla Visteon Climate Control Corp.

DAEJEON, South Korea, Aug. 1, 2014 /PRNewswire/ -- Halla Visteon Climate Control Corp. (KS: 018880) today announced it has completed the acquisition of the automotive thermal and emissions product line of Cooper-Standard Automotive Inc., a subsidiary of Cooper-Standard Holdings Inc. (NYSE: CPS), in a cash transaction valued at $46 million, subject to price adjustment. The transaction was announced by both companies on June 30.

"We are pleased to have completed this acquisition, which provides HVCC with additional technologies that have a solid reputation, and that strengthen our ability to provide thermal energy management systems and modules to support customers' global platforms," said YH Park, HVCC president and CEO.

The thermal and emissions product line acquired from Cooper Standard supports HVCC's focus on delivering fuel-efficient thermal energy management solutions to automakers. Products acquired include exhaust gas recirculation modules (EGRs), electronic coolant pumps and valves, electronic wastegate actuators and electronic throttle bodies.

About Halla Visteon Climate Control Halla Visteon Climate Control (HVCC) is a full-line automotive supplier of climate systems and components. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. With 35 manufacturing sites supported by four global technical centers in 19 countries, HVCC employs nearly 14,500 people.

HVCC is a 70-percent owned subsidiary of Visteon Corporation (NYSE: VC) and is traded on the Korea Stock Exchange. Learn more at www.hvccglobal.com.

About Visteon Visteon is a global automotive supplier delivering value for vehicle manufacturers and shareholders through two high-growth core businesses: automotive cockpit electronics and thermal management. Visteon owns 70 percent of Halla Visteon Climate Control Corp., the world's second largest provider of vehicle thermal management solutions. Visteon designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 32 countries and employs about 29,000 people. Visteon had sales of $7.4 billion in 2013. Learn more at www.visteon.com.

SOURCE Halla Visteon Climate Control Corp.