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
Liane Smyth, (USA) 313-323-9628, firstname.lastname@example.org
Kent Niederhofer, (USA) 313-390-1467, email@example.com
both of Visteon Corporation; or
Andrew Robb, Finance Director of Pilkington plc
++44-20-7747-6000, fax, 44-20-7747-6009, firstname.lastname@example.org
Web site: http://www.visteon.com
Original-Content von: Visteon Corporation, übermittelt durch news aktuell