| Visteon Corporation has completed
the sale of Visteon Powertrain Control Systems India (VPCSI) in Chennai
to a private equity-backed group called Adyar River.
The agreement covers the VPCSI operation in Chennai (the former
Madras) which manufactures starters and alternators for global carmakers.
Visteon says that the deal is part of its strategy to invest proceeds
from the sale of non-core assets in market-leading businesses. The deal
will mean no changes for the employees at the plant and full terms were
not disclosed.
"This is another accomplishment in the process of restructuring our
business to focus on our key products and core technologies," said
Donald J. Stebbins, Visteon president and chief operating officer. "With
this sale, our restructuring program is now more than 50 per cent complete,
and this gives us even more flexibility to improve and grow our business."
Visteon has had a significant presence in India for seven years and is
intending to expand there. It now has four manufacturing plants and two
technical centers, employing more than 2,000 people.
Adyar River is a joint venture between Argyle Street Management and Leticia
Investments.
|
|
