Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC)
and Pilkington plc have announced that they have amicably ended
discussions that would have resulted in the sale of Visteon's glass
segment to Pilkington.
"We are very disappointed that we could not come to an agreement
regarding this venture," said Visteon Chairman and CEO Peter J.
Pestillo. "We remain committed to developing an acceptable business
solution for our glass operations. The UAW understands Visteon's
business equation and has agreed to work with us on finding the best
alternative that will protect our customers, our overall business,
and our employees."
Pilkington plc and Visteon signed a letter of intent in June to
explore forming a new glass company. As the two companies progressed
through the extensive due diligence process, a number of factors
contributed to ending the negotiations.
As a result, Visteon and Pilkington have agreed to withdraw from
these discussions effective immediately, as they were unable to
reach an acceptable definitive agreement. Visteon remains committed
to continuing to supply the highest quality products and best
possible service to its automotive and architectural customers, as
the corporation determines the best business solution for its glass
Under terms of the agreement, Pilkington would have assumed
majority ownership and management control of Visteon's Glass
business, including its four float furnaces based at plants in
Tulsa, Okla., Nashville, Tenn., plus vehicle glass fabricating
plants based in Tulsa, Nashville, and Juarez, Mexico.
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 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
Media Inquiries: Liane Smyth, +1 313-755-2916,
Investor Inquiries: Kent Niederhofer, +1 313-755-3699,
both of Visteon Corporation
Web site: http://www.visteon.com
Original-Content von: Visteon Corporation, übermittelt durch news aktuell