CHENNAI, India, Sept. 5 /Xinhua-PRNewswire/ -- Visteon Corporation (NYSE: VC) announces that it has completed the sale of Visteon Powertrain Control Systems India (VPCSI) in Chennai to Adyar River Ltd. This transaction is another restructuring action the company has achieved to improve its business.
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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," said Donald J. Stebbins, Visteon 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 leading 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.
Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 43,000 people.
Adyar River Limited is a joint venture between Argyle Street Management Limited and Leticia Investments Corp. Founded in 2002, the principal business of Argyle Street Management Limited (ASM) is management of funds investing in special situations in Asia. Argyle manages approximately US$800 million of assets including equity and debt instruments as well as real estate investments under ASM, Asia Recovery Fund (ARF), ASM Hudson River Fund (HRF), certain property fund and discretionary accounts. Argyle's funds will be investing in Adyar through ARF and HRF. Leticia Investments Corp. has been actively investing and building businesses in India for more than 15 years in both the manufacturing and services sectors.
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