Visteon board approval expected soon; transaction on track for completion in first quarter 2013
Visteon Corporation (NYSE: VC) confirmed today that the board of directors of its Korean affiliate Halla Climate Control Corp. (HCC) has approved a definitive agreement to consolidate most of Visteon’s automotive climate business into HCC. Approval of the agreement by Visteon’s board of directors and entry into the final agreement are expected soon. Visteon also confirmed that the transaction, first outlined in September 2012, is on track to be completed in the first quarter of 2013.
Visteon owns 70 percent of HCC and would have the same ownership level in the combined business. The consolidation would create the second largest global supplier of automotive climate components and systems.