Manufacturing News

Visteon to sell interiors unit to Chinese JV

U.S. auto parts supplier Visteon Corp. said it has signed a tentative agreement to sell the majority of its interiors business to its Chinese joint venture with Huayu Automotive Systems, creating a global automotive interiors company.

The joint venture, Yanfeng Visteon Automotive Trim Systems Co., designs and manufactures interior, exterior, seating, electronics and safety systems for automakers.

The partners have signed a memorandum of understanding, and the companies hope to sign definitive agreements early next year, Visteon said in a statement.

Visteon did not disclose any financial terms.

The new company would have an estimated annual revenue of $4 billion (25.5 billion yuan), serving more than 30 customers from facilities in 16 countries, the company said.

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