Visteon sells non-core North American aftermarket facilities
Visteon Corporation (NYSE: VC) has sold its non-core North American-based aftermarket underhood and remanufacturing facilities to Centrum Equities, XV, LLC, an affiliate of Centrum Properties, Inc. The operations sold include a manufacturing plant in Sparta, Tenn., and two plants in Reynosa, Mexico
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 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 chief operating officer.
“We are pleased to be acquiring this business as part of our growth strategy,” said Terry Howard, chief executive officer of Centrum Equities XV, LLC. Arthur Slaven, co-founder of Centrum Properties, based in Chicago, Ill., added: “We are excited about this investment and look forward to future growth opportunities across the automotive aftermarket.”
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