Dearborn, Mich. and Tokyo (ots-PRNewswire) - In an effort to
cooperate globally for the development of market driven, cost
efficient steering components and systems, Visteon Corporation (NYSE:
VC) and Kayaba Industry Company, Ltd., have signed a strategic
partnership agreement with an intent to design and develop the next
generation of steering systems for the automotive industry.
Both Visteon and Kayaba have complementary expertise in the areas
of design, manufacturing and sales of hydraulic and electric
automotive steering components and systems such as hydraulic power
assisted steering, electrical power assisted steering, pumps, gears
and four-wheel steering systems. Together the two companies
anticipate strengthening their relationship with OEM customers across
the globe, combining Visteon's global reach with Kayaba's strength
within the Asia-Pacific region.
"Visteon is continually looking to find ways to expand
aggressively into the Asia-Pacific market with products and systems
that are core to our business," said Ed Buker, Visteon vice president
and general manager, Chassis Systems. "This strategic alliance with
Kayaba will capitalize on our systems expertise, while gaining
Kayaba's support across the key Asia-Pacific customer base."
This alliance allows for the companies to jointly pursue the
cooperative supply of components resulting in cost efficiencies,
technology sharing and global manufacturing support. It will provide
the two companies the opportunity to greatly shorten product
development time, while achieving significant manufacturing cost
"Kayaba is aiming to become a global systems supplier of
automobile steering products, similar to the shock absorber business.
With a strategic collaboration with Visteon, Kayaba anticipates
maximum synergistic effects in terms of R&D, production, and
purchasing of components," said Junichi Yamamoto, Kayaba's managing
director, Automotive Parts Division. "This alliance with Visteon will
enhance quality, cost, and delivery of the respective steering
products and we are pleased to better serve existing and new
customers around the world."
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.
Kayaba Industry Company Ltd. is the leading manufacturer of
hydraulic components and systems in Japan globally serving products
for land, sea, and air applications; automobiles, motorcycles,
construction, material handling & agricultural equipment, aircraft,
rail & industrial equipment. Kayaba, with worldwide employees of
5,800 is supplying products from seven business units (divisions)
with 15 manufacturing facilities in Japan and 12 manufacturing/sales
facilities around the world.
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.
ots Original Text Service: Visteon Corporation
Craig Miner, +1-313-755-5788,
Kent Niederhofer, +1-313-755-3699,
both of Visteon Corporation;
81-3-3435-3580, fax, 81-3-3436-2908,
Hitoshi Arakawa, Business Planning,
81-3-3435-3561, fax, 81-3-5472-3728,
both of Kayaba Industry Company, Ltd.
Web site: http://www.visteon.com
Original-Content von: Visteon Corporation, übermittelt durch news aktuell