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Visteon Corporation Pursues Greater Share
Of Growing Worldwide Telematics Market
Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC) announced today that it is creating a new business system to focus on accelerating mobile communication through telematics and multimedia products and technologies.
"Telematics and multimedia are part of a rapidly evolving market that offers significant growth potential," said Peter J. Pestillo, Chairman, President and Chief Executive Officer of Visteon. "Visteon already has a strong foundation of multimedia and telematics business and we expect it will only grow stronger as we dedicate a team to developing new products and technologies that meet marketplace demand."
The new Telematics/Multimedia business system will be part of Visteon's Comfort, Communication and Safety segment. It will concentrate on developing and delivering mobile wireless and information, entertainment, audio, safety and convenience products. In a recent study, UBS Warburg estimates that the worldwide end-user telematics market is projected to grow to nearly $47 billion by 2010.
Visteon has secured nearly $550 million of annual, incremental telematics and multimedia business this year. Global customers including Ford, General Motors, Honda, and Nissan have sourced Visteon to provide products such as navigation, communication, entertainment, in-car computing and audio systems on several future vehicles -- some in the 2001 model year. In addition, Visteon is a key hardware supplier to the independent telematics company named Wingcast, which Ford Motor Company and Qualcomm announced recently.
"With the increased demand by consumers for telematics and multimedia products, it is critical that Visteon create a focused group that can leverage its engineering and technology expertise to grow this business," Pestillo said. "We will continue to develop the highest quality hardware and software to support these advanced products and technologies. Visteon will be at the forefront of the industry."
To reach this objective, Visteon will use its global systems integration and engineering expertise, considerable consumer insight and strategic partnerships with world-class companies such as Bang & Olufsen, Sirius Satellite Radio, Samsung Electronics Co., Ltd., Microsoft, Intel and Lernout & Hauspie. These partnerships will lead to next generation voice, audio, navigation, communication, entertainment and information products and technologies that are a part of the telematics and multimedia business.
Jim Wynalek will lead the new Telematics/Multimedia business system as its vice president and general manager. Prior to his new position, Wynalek led Visteon's engineering processes and advanced technology efforts as Visteon's chief technical officer.
"Jim understands the rapid cycle time and increased growth potential of the telematics and multimedia market," Pestillo said. "He has keen insight into how we can maximize our engineering synergies and leverage our resources to the fullest."
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.
The information set forth above contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve a number of risks and uncertainties. Readers should refer to the discussion under "Risk Factors" contained in Visteon's Registration Statement on Form S-3 (No. 33-40034) filed with the Securities and Exchange Commission concerning some important factors which could cause Visteon's actual results to differ materially from the results anticipated in the forward-looking statements contained herein.
ots Original Text Service: Visteon Corporation Internet: http://recherche.newsaktuell.de
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell