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Visteon Sells Factories; Keeps Aftermarket Biz

2/04/2008 01:24:00 PM Eastern

Van Buren Township, Mich. — OEM car electronics supplier Visteon Corp. sold its non-core North American-based aftermarket underhood and remanufacturing facilities to Centrum Equities, XV, LLC, an affiliate of Centrum Properties.

The sale does not include aftermarket car electronics, which Visteon retains as part of its electronics group.

The terms of the sale to Centrum were not disclosed. The sale, however, includes a Visteon manufacturing plant in Sparta, Tenn., and two plants in Reynosa, Mexico.

"This transaction is another step in our plan to restructure, improve and grow our business by focusing on strategic product lines, including advanced climate, interiors and electronics products," said Donald J. Stebbins, Visteon president and COO.

Visteon is a leading global automotive supplier that designs, engineers and manufactures climate, interior, electronic and lighting products for vehicle manufacturers, and also provides products and services to aftermarket customers. It has facilities in 26 countries and employs approximately 43,000 people.

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