Visteon Corporation
VC and its longtime Korean affiliate Halla Climate Control Corp. (HCC)
today announced they have signed a definitive agreement to contribute most of
Visteon's automotive climate business to HCC for a purchase price of $410
million in cash (KRW 436 billion), subject to certain adjustments. The
transaction, first outlined in September 2012, is subject to regulatory
reviews and other conditions, and is expected to be completed in the first
quarter of 2013. HCC is expected to finance the transaction through a
combination of cash on hand and moderate borrowing.
Visteon owns 70 percent of Korean-based HCC and will have the same ownership
level in the combined business. The company, to be renamed Halla Visteon
Climate Control Corp., will be the world's second largest global supplier of
automotive climate components and systems. The combined business will have
facilities in 17 countries, including 32 manufacturing plants, five global
technical centers and seven regional customer centers. The transaction will
include Visteon's equity interest in climate joint ventures in China, India
and Japan.
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