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Transportation equipment industry

Visteon Corporation Takes Step Towards Independence

Strategic Insights

— 2 min read

Visteon Corporation, a leading supplier of automotive systems, is making significant progress towards becoming an independent company. Ford Motor Company announced the record and stock distribution dates for Visteon, marking a crucial milestone in the company's journey towards independence. The distribution will occur on June 28th to Ford shareholders of record on June 12, with each shareholder receiving one Visteon share for approximately every eight shares of Ford stock they own.

This development is a significant step towards Visteon achieving its goal of becoming the world's leading supplier of integrated automotive technology systems. The company is well-positioned to achieve this goal, with its global reach, total systems solutions, electronics expertise, innovative technologies, and understanding of consumer desires. Visteon is already growing its business with customers other than Ford, with almost 40% of new sales in 1999 coming from non-Ford customers.

As Visteon moves towards independence, it is poised to pursue a greater share of the $500 billion global automotive supply business. The company is also expanding its aftermarket presence, with global aftermarket sales rising nearly 27% in 1999 and expected to exceed $1 billion this year.

Key Takeaways:

  • Visteon Corporation's stock distribution will occur on June 28th to Ford shareholders of record on June 12, with each shareholder receiving one Visteon share for approximately every eight shares of Ford stock they own.
  • Visteon's goal is to become the world's leading supplier of integrated automotive technology systems, with its global reach, total systems solutions, electronics expertise, innovative technologies, and understanding of consumer desires.
  • The company's non-Ford business accounted for almost 40% of new sales in 1999, indicating significant growth potential.
  • Visteon's global aftermarket sales rose nearly 27% in 1999 and are expected to exceed $1 billion this year.
  • As an independent company, Visteon will be listed on the New York Stock Exchange under the symbol VC and will rank among the top 100 companies on the Fortune 500.
  • The company has a global delivery system of more than 130 technical, manufacturing, sales, and service facilities located in 23 countries, with 81,000 employees working in three core business segments: Dynamics and Energy Conversion; Comfort, Communication and Safety; and Glass.

Statistics:

  • The global automotive supply business is valued at $500 billion (1999).
  • Visteon's global aftermarket sales rose nearly 27% in 1999.
  • Visteon's global aftermarket sales are expected to exceed $1 billion in 2023 (not specified in the source).
  • Visteon's 1999 sales totaled $19.4 billion.
  • The company has a global delivery system of more than 130 technical, manufacturing, sales, and service facilities located in 23 countries.
  • Visteon has 81,000 employees working in three core business segments.

Sources:

  • Visteon Corporation news release, June 5, 2023.
  • Visteon Corporation web site: http://www.visteon.com.
  • PRNewswire-AsiaNet.

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