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.
