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Visteon Corporation Forms Joint Venture with Nichirin Company, Ltd.
Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC) and Nichirin Company, Ltd. (OSE: NCRN), of Himeji-city, Japan, today announced a joint venture that will provide leading-edge automotive hose technologies and manufacturing expertise to support vehicle manufacturers throughout Europe.
The companies have signed an agreement to form a joint venture that will manufacture air conditioning hoses for use in Visteon's hose coupling process located at the Autopal facility in Novy Jicin, Czech Republic.
"This joint venture is another example of Visteon's tradition of associating with industry leaders," said Frank Croskey, vice president and general manager, Climate Control Systems. "Visteon's association with Nichirin will offer customers significant advantages by combining our hose coupling technology with Nichirin's expertise in chemicals, rubber and hoses."
The joint venture will be located in Rychvald, Czech Republic. The operations will commence in late 2001.
As part of a broader strategy for global leadership within the automotive hose market and to support OEMs throughout the world, the letter of intent originally governing this venture also calls for Visteon to purchase a 10 percent stake in Nichirin Company, Ltd., in the near future.
This alliance combines Visteon's global sales, service, automotive hose technology and extensive manufacturing locations with Nichirin's chemical, rubber and hose material manufacturing and technological expertise.
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.
Nichirin Company, Ltd., with its head office located in Kobe, Japan, is a specialty manufacturer of various automotive hoses, holding a large share of Japan's domestic market. Nichirin is a pioneer in the manufacturing of automobile air conditioning hoses, power steering hoses, and hydraulic brake hoses. Nichirin is an integrated manufacturer in the refining of the rubber to assembly of the complete hose couplings. Nichirin has seven production locations in six countries that support the company's global strategy of providing products that meet the expectations of their worldwide customers.
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 Visteon's SEC filings. See "Risk Factors" section of Visteon's 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 Visteon's business, financial condition and results of operations.
Visteon news releases, photographs and product specification details are available at www.visteon.com
ots Original Text Service: Visteon Corporation Internet: http://recherche.newsaktuell.de
Contact: Media Inquiries: Craig Miner, 313-755-5788, email@example.com, or Investor Inquiries: Kent Niederhofer, 313-755-3699, firstname.lastname@example.org, both of Visteon Corporation; or Yoshio Imamura, Managing Director of Nichirin Company, Ltd., ++0792-51-2105, Imamura@nichirn.co.jp
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell