VAN BUREN TOWNSHIP, Michigan - Visteon Corporation (OTC: VSTN) today announced that one of its
subsidiaries in the United Kingdom, Visteon UK Ltd, consisting of three
manufacturing plants, filed for administration with the UK High Court under
the Insolvency Act 1986.
(Logo: www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO )
The administration order places Visteon UK Ltd under the control of
court-appointed administrators from KPMG. Visteon UK Ltd includes plants in
Basildon, Belfast and Enfield. Employing approximately 600 people, the plants
manufacture automotive interiors, climate and powertrain components.
All other Visteon operations are excluded from and not impacted by this
action, including the Visteon Engineering Services Ltd subsidiary, which
employs approximately 400 people at Visteon’s UK customer and technology
centers.
“Visteon is committed to taking decisive actions in view of the current
challenging operating environment to protect the long-term viability of the
business,” said Donald J. Stebbins, chairman and chief executive officer of
Visteon Corporation. “Despite extensive restructuring efforts, the UK plants
have continued to incur substantial losses. Regrettably, having exhausted all
options, the Visteon UK Ltd board of directors had no alternative but to file
for administration.”
Stebbins added, “Addressing the unfavorable financial performance of our
UK manufacturing operations is an important step in positioning the company
for future success. Visteon maintains strong engineering, development and
services capabilities in the UK, and continues to serve global vehicle
manufacturers through our broad manufacturing and engineering resources
throughout Europe.”
The appointed administrators from KPMG, James Tucker and John Hansen,
will be communicating directly with Visteon UK Ltd employees and other
stakeholders regarding today’s action.
Visteon Corporation is a leading global automotive supplier that designs,
engineers and manufactures innovative climate, interior, electronic and
lighting products for vehicle manufacturers, and also provides a range of
products and services to aftermarket customers. With corporate offices in Van
Buren Township, Mich. (U.S.); Shanghai, China; and Basildon, UK; the company
has facilities in 27 countries and employs approximately 33,500 people.
Source: Visteon Corporation
Jonna Christensen, +44-1268-701094, jchris18 at visteon.com; Jim Fisher, +1-734-710-5557, jfishe89 at visteon.com; Investors: Steve Ward, +1-734-710-5800, sward8 at visteon.com / NOTE TO EDITORS: Visteon news releases, photographs and product specification details are available at www.visteon.com / Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
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