Visteon Corporation is going forth with its plan to restructure and improve its business by selling its non-core North American-based aftermarket underhood and remanufacturing facilities, including a plant in Sparta, Tenn., and two plants in Reynosa, Mexico, to Centrum Equities, XV, LLC. Specific terms of the transaction were not disclosed. The sale does not include aftermarket mobile electronics products, which Visteon maintains as part of its electronics group. "This transaction is another step in our plan to grow our business by focusing on strategic product lines, including advanced climate, interiors and electronics products," says Donald J. Stebbins, Visteon president and chief operating officer. "We are pleased to be acquiring this business as part of our growth strategy," says Terry Howard, chief executive officer of Centrum Equities XV, LLC. Arthur Slaven, co-founder of Centrum Properties, based in Chicago, Ill., adds: "We are excited about this investment and look forward to future growth opportunities across the automotive aftermarket."
Visteon's Sparta, Tenn., facility (known as LTD Parts) manufactures starters and alternators for aftermarket customers. The two Reynosa, Mexico, facilities manufacture aftermarket climate products — including radiators, compressors and condensers — and also remanufacture steering pumps and gears. For more information about the Visteon Corporation, visit the company's Web site. |
