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Visteon to Become an Independent Company
DEARBORN, Mich. (ots-PRNewswire) - Visteon Corporation, one of the world's largest suppliers of automotive components and systems, will become an independent company, following a planned spin-off from its parent, Ford Motor Company later this year. The spin-off comes less than three years after the automotive systems integrator was launched in September 1997.
Visteon, with 1999 sales of $19.4 billion, will rank among the top 100 companies on the Fortune 500 once it becomes an independent company.
"The decision by Ford Motor Company is one that we have been prepared for since Visteon was launched," said Peter J. Pestillo, Visteon Chairman and CEO. "Visteon has a proven track record of consumer-driven systems solutions. We also have a dedicated leadership team ready to increase shareholder value as we become an independent company."
Ford shareholders will receive a distribution of Visteon stock based on the Ford stock they own and the total number of Ford shares outstanding on the distribution record date. The distribution ratio will be announced after the record date and the distribution is expected to be made in the summer. Specific record and distribution dates will be established after the Securities and Exchange Commission clearance of Visteon's Registration Statement filed today.
"This action is in the best long-term interest of Visteon, Ford Motor Company and Ford shareholders," said Ford Motor Company Chairman Bill Ford." We are confident Visteon will have a successful future as an independent company. Their core strengths, like systems integration and electronics capabilities, lie where the industry is moving."
"Our goal is to become the world's leading technology-driven automotive systems company," Pestillo said. "Independence gives Visteon the opportunity to leverage our heritage of systems design to succeed in today's changing industry. Our people have the talent and the drive to make Visteon a success."
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 more than 81,000 employees working in three core business segments: Dynamics and Energy Conversion; Comfort, Communications & Safety; and Glass.
ots Original Text Service: Visteon Corporation Internet: http://www.newsaktuell.de
Contact: Media, Denise Bither, Public Affairs, 800-311-1561, or International, 248-594-7766, or firstname.lastname@example.org, or Analysts, Kent Niederhofer, 800-311-8608, or email@example.com, both of Visteon Corporation
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell