DEARBORN, Mich. (ots-PRNewswire) - Peter J. Pestillo, Chairman,
President and CEO of Visteon Corporation, is ringing the opening bell
at the New York Stock Exchange today as public trading begins for the
world's second largest supplier of automotive components and
With 1999 sales of $19.4 billion, Visteon ranks 87th among the top
100 companies on the Fortune 500. Visteon is trading under the symbol
"VC" and is listed on the Standard & Poor 500 Index as part of the
Auto Parts & Equipment Industry Group.
"Today marks Visteon's first day as an independent company," said
Pestillo. "We believe that the industry is moving in the direction
where Visteon has strength -- systems integration, electronic
capabilities and global reach. We plan to capitalize on these
strengths to provide opportunities for our shareholders, customers,
employees and communities."
Visteon starts off with a strong customer base providing
components and systems for nearly all vehicle manufacturers around
the world. It has more than $17 billion in business with Ford Motor
Company and has booked $1.4 billion in new business in 2000. Of that
new business, more than $500 million is in multimedia and telematics
technologies -- a key area of growth for Visteon. Global customers
including Ford, General Motors, Honda and Nissan have sourced Visteon
to provide products such as navigation, communication, entertainment,
in-car computing and audio systems on several future vehicles -- some
in the 2001 model year.
"At Visteon, inspiration for technologies like multimedia is
driven by consumers," said Pestillo. "By understanding consumer wants
and needs, we are able to serve as strategic partners with our
customers as we introduce new technologies into the marketplace."
In addition, Visteon's Mobile Communications Center, a customized
marketing approach to winning business from its customers, is
showcasing the company's innovative technology solutions on Broad
Street, in front of the New York Stock Exchange. Among the
technologies featured in the Mobile Communications Center are Visteon
Voice Technology(TM), Rear Seat Entertainment and ICES, Visteon's
in-car computing platform.
The NYSE is the first stop on the Mobile Communications Center's
nationwide tour of current and prospective automotive customers. A
Ford Harley-Davidson F-150, Dodge Caravan and Honda Accord -- each
loaded with Visteon technology, accompanies the Mobile Communications
Visteon culminates its independence celebration back in Detroit
tonight with its sponsorship of "Visteon Night at Comerica Park,"
during the Detroit Tigers baseball game against the New York Yankees.
Visteon Corporation 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.
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Web site: http://www.visteon.com
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