Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC)
announced today that it is creating a new business system to focus on
accelerating mobile communication through telematics and multimedia
products and technologies.
"Telematics and multimedia are part of a rapidly evolving market
that offers significant growth potential," said Peter J. Pestillo,
Chairman, President and Chief Executive Officer of Visteon. "Visteon
already has a strong foundation of multimedia and telematics business
and we expect it will only grow stronger as we dedicate a team to
developing new products and technologies that meet marketplace
The new Telematics/Multimedia business system will be part of
Visteon's Comfort, Communication and Safety segment. It will
concentrate on developing and delivering mobile wireless and
information, entertainment, audio, safety and convenience products.
In a recent study, UBS Warburg estimates that the worldwide end-user
telematics market is projected to grow to nearly $47 billion by 2010.
Visteon has secured nearly $550 million of annual, incremental
telematics and multimedia business this year. 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. In addition, Visteon is a
key hardware supplier to the independent telematics company named
Wingcast, which Ford Motor Company and Qualcomm announced recently.
"With the increased demand by consumers for telematics and
multimedia products, it is critical that Visteon create a focused
group that can leverage its engineering and technology expertise to
grow this business," Pestillo said. "We will continue to develop the
highest quality hardware and software to support these advanced
products and technologies. Visteon will be at the forefront of the
To reach this objective, Visteon will use its global systems
integration and engineering expertise, considerable consumer insight
and strategic partnerships with world-class companies such as Bang &
Olufsen, Sirius Satellite Radio, Samsung Electronics Co., Ltd.,
Microsoft, Intel and Lernout & Hauspie. These partnerships will lead
to next generation voice, audio, navigation, communication,
entertainment and information products and technologies that are a
part of the telematics and multimedia business.
Jim Wynalek will lead the new Telematics/Multimedia business
system as its vice president and general manager. Prior to his new
position, Wynalek led Visteon's engineering processes and advanced
technology efforts as Visteon's chief technical officer.
"Jim understands the rapid cycle time and increased growth
potential of the telematics and multimedia market," Pestillo said.
"He has keen insight into how we can maximize our engineering
synergies and leverage our resources to the fullest."
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.
The information set forth above contains forward-looking
statements (within the meaning of the Private Securities Litigation
Reform Act of 1995), which involve a number of risks and
uncertainties. Readers should refer to the discussion under "Risk
Factors" contained in Visteon's Registration Statement on Form S-3
(No. 33-40034) filed with the Securities and Exchange Commission
concerning some important factors which could cause Visteon's actual
results to differ materially from the results anticipated in the
forward-looking statements contained herein.
ots Original Text Service: Visteon Corporation
Media Inquiries: Liane Smyth, 313-755-2916, firstname.lastname@example.org
or Investor Inquiries: Kent Niederhofer, 313-755-3699,
, both of Visteon Corporation
Web site: http://www.visteon.com
Original-Content von: Visteon Corporation, übermittelt durch news aktuell