VAN BUREN TOWNSHIP, Michigan, March 31 /PRNewswire/ --
Visteon Corporation (OTC: VSTN) today announced that one of its subsidiaries in the United Kingdom, Visteon UK Ltd, consisting of three manufacturing plants, filed for administration with the UK High Court under the Insolvency Act 1986.
The administration order places Visteon UK Ltd under the control of court-appointed administrators from KPMG. Visteon UK Ltd includes plants in Basildon, Belfast and Enfield. Employing approximately 600 people, the plants manufacture automotive interiors, climate and powertrain components.
All other Visteon operations are excluded from and not impacted by this action, including the Visteon Engineering Services Ltd subsidiary, which employs approximately 400 people at Visteon's UK customer and technology centers.
Visteon is committed to taking decisive actions in view of the current challenging operating environment to protect the long-term viability of the business, said Donald J. Stebbins, chairman and chief executive officer of Visteon Corporation. Despite extensive restructuring efforts, the UK plants have continued to incur substantial losses. Regrettably, having exhausted all options, the Visteon UK Ltd board of directors had no alternative but to file for administration.
Stebbins added, Addressing the unfavorable financial performance of our UK manufacturing operations is an important step in positioning the company for future success. Visteon maintains strong engineering, development and services capabilities in the UK, and continues to serve global vehicle manufacturers through our broad manufacturing and engineering resources throughout Europe.
The appointed administrators from KPMG, James Tucker and John Hansen, will be communicating directly with Visteon UK Ltd employees and other stakeholders regarding today's action.
Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Basildon, UK; the company has facilities in 27 countries and employs approximately 33,500 people.
Jonna Christensen, +44-1268-701094, email@example.com; Jim Fisher, +1-734-710-5557, firstname.lastname@example.org; Investors: Steve Ward, +1-734-710-5800, email@example.com / NOTE TO EDITORS: Visteon news releases, photographs and product specification details are available at www.visteon.com / Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO