Visteon Confirms Discussions with Hahn & Co. Regarding Potential Sale of Ownership Interest in Halla Visteon Climate Control Corp. (HVCC)
VAN BUREN TOWNSHIP, Mich., Nov. 25, 2014 /PRNewswire/ -- Visteon Corporation (NYSE: VC) confirmed it is currently engaged in discussions with Hahn & Company regarding a potential sale of Visteon's ownership interest in Halla Visteon Climate Control Corp. (HVCC) to the Korea-based private equity company.
There can be no assurance that these discussions will result in any transaction or on what terms any such transaction may occur. Visteon undertakes no obligation to provide further updates and does not intend to comment further regarding the discussions or other strategic alternatives involving HVCC until such time as its board of directors has determined that disclosure is appropriate.
Visteon expects that HVCC, the world's second largest provider of vehicle thermal management solutions, would continue to benefit from its well-respected management team, strong balance sheet, expanding global customer base and globally recognized technical acumen.
About Visteon
Visteon Corporation is a global automotive supplier that designs, engineers and manufactures innovative products for nearly every vehicle manufacturer worldwide. Visteon delivers value for its customers and shareholders through two technology-focused core businesses: vehicle cockpit electronics and thermal energy management. Visteon owns 70 percent of Halla Visteon Climate Control Corp., the world's second largest provider of vehicle thermal management solutions. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has more than 26,000 employees at facilities in 29 countries. Visteon had sales of $7.4 billion in 2013. Learn more at www.visteon.com.
Forward-looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to: (1) conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers or suppliers, including work stoppages, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; (2) our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms; (3) our ability to satisfy pension and other post-employment benefit obligations; (4) our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis; (5) our ability to execute on our transformational plans and cost-reduction initiatives in the amounts and on the timing contemplated; (6) general economic conditions, including changes in interest rates, currency exchange rates and fuel prices; (7) the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations; (8) increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; and (9) those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2013).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update.
Follow Visteon:
www.twitter.com/visteon
www.youtube.com/visteon
http://blog.visteon.com
www.google.com/+visteon
www.linkedin.com/company/visteon
https://www.facebook.com/VisteonCorporation
Logo - http://photos.prnewswire.com/prnh/20001201/DEF008LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/visteon-confirms-discussions-with-hahn--co-regarding-potential-sale-of-ownership-interest-in-halla-visteon-climate-control-corp-hvcc-300000893.html
SOURCE Visteon Corporation
Share this article