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Visteon, Pilkington Venture Leverages Dual Expertise to Form New Glass Company
Dearborn, Mich. (ots-PRNewswire) - Pilkington plc, one of the world's leading glass manufacturers, and Visteon, one of the world's leading automotive systems suppliers, have signed a letter of intent to form a new glass company that will truly capture the innovative spirit and expertise of both companies.
By combining Visteon's strong customer base with Pilkington's global reach and advanced glass technologies, the joint venture will create a partnership that will be positioned for significant growth.
The two companies are negotiating the terms of a joint venture in which Pilkington would assume the majority ownership and management control of Visteon's Glass business. Negotiations are in the early stages with definitive agreements and approvals likely to take several months before they are finalized.
Visteon's Glass business, with annual revenues of $800 million, has four float furnaces based at plants in Tulsa, Okla., and Nashville, Tenn., plus vehicle glass fabricating plants based in Tulsa, Nashville and Juarez, Mexico. Additionally, the business has a significant presence in the automotive glass replacement market under its strong "Carlite" brand, and a commercial glass business that supplies architectural flat glass.
Under the terms of the agreement, the new company would be the major supplier of automotive glass to Ford Motor Company and Pilkington would provide technology to Ford and other Visteon customers. The new company also would assume Visteon's equity position in Vitroflex, Mexico and Penstone, Michigan.
Pilkington plc is a world leader in the development and manufacturing of glass products for the building, automotive and technical glass markets with operations in 22 countries in Europe, the Americas and Asia-Pacific.
Visteon is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels within the global automotive aftermarket. Visteon has a global delivery system of more than 130 technical, manufacturing, sales, and service facilities located in 23 countries. It has 81,000 employees working in three business segments: Dynamics and Energy Conversion; Comfort, Communication and Safety; and Glass.
ots Original Text Service: Visteon Corporation Internet: http://recherche.newsaktuell.de
Contact: Media Inquiries: Liane Smyth, (USA) 313-323-9628, email@example.com, or Investor Inquiries: Kent Niederhofer, (USA) 313-390-1467, firstname.lastname@example.org, both of Visteon Corporation; or Andrew Robb, Finance Director of Pilkington plc ++44-20-7747-6000, fax, 44-20-7747-6009, email@example.com
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell