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Visteon Corporation Confirms Participation in Covisint Internet Exchange
Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC) today announced that it will participate in Covisint, the global on-line automotive purchasing exchange formed by Ford, DaimlerChrysler AG, General Motors, Nissan and Renault SA.
The purpose of the exchange is to create an integrated supply chain for the worldwide automotive industry. Covisint will offer Visteon the ability to provide additional services for Electronic Data Interchange, enabling the corporation to conduct electronic transactions with customers and suppliers, while providing a high-level of security and confidentiality. Visteon is the world's second largest supplier of integrated automotive systems with $19.4 billion in revenues in 1999. Additionally, Visteon purchased more than $9 billion in goods and services last year.
"We're enthusiastic about our participation in Covisint, which will help strengthen our common standards and infrastructure," said Susan Skerker, senior vice president, Business Strategy and Corporate Relations for Visteon. "We believe this action will enable us to continue to expand our e-business strategies, increase our revenue growth, reduce costs and enhance communications with our customers and suppliers."
By joining Covisint, Visteon will build on the success it already has acquired in e-business and online procurement. In addition to cost savings, Visteon anticipates taking full advantage of the potential for Internet-based information sharing and virtual product development collaboration across the supply chain.
In late May, the new venture officially was named Covisint. The U.S. Federal Trade Commission recently approved the formation of the venture. Covisint will operate as an independent company and will offer products and services designed to help automakers and suppliers achieve efficiencies throughout the supply chain.
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.
This press release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "estimated" and "potentially" signify forward-looking statements. Forward- looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties, some of which are and will be identified as "Risk Factors" in our SEC filings. See "Risk Factors" section of our prospectus dated June 13, 2000 as filed with the SEC on June 14, 2000. Should any risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.
ots Original Text Service: Visteon Corporation Internet: http://recherche.newsaktuell.de
Web site: http://www.visteon.com (VC) CO: Visteon Corporation; Covisint ST: Michigan IN: AUT CPR MLM SU:Original-Content von: Visteon Corporation, übermittelt durch news aktuell