VAN BUREN TOWNSHIP, MI – Visteon is selling its chassis businesses in Europe and Brazil to Special Situations Venture Partners II L.P. (SSVP II). The agreement covers Visteon's chassis operations in Dueren and Wuelfrath, Germany, and Praszka, Poland, as well as certain driveline assets in Sao Paulo, Brazil. The facilities manufacture driveline and steering systems for a number of global vehicle manufacturers. Terms of the agreement were not disclosed.

According to Don Stebbins, president and COO, the sale is an important part of Visteon’s restructuring process, helping to improve base operations and position the company for growth.

"These actions demonstrate the progress Visteon is making in addressing underperforming and non-strategic facilities,” said Stebbins. “When finalized, this transaction will enhance our ability to focus on growing our core product areas where we have strong market positions and enable these facilities to create value under a new ownership structure where the products have a better strategic fit."

Under the agreement, Visteon will transfer the manufacturing facilities and associated assets, including machinery, equipment, tooling, inventory as well as purchase and supply contracts and certain intellectual property rights to SSVP II. The approximately 2,400 employees in the facilities will also transfer to the new owner.

The new name of the chassis operation will be TeDrive, and it is SSVP II's intention to structure the acquired entities under the Dutch TeDrive Holding B.V. with the affiliates TeDrive Germany GmbH in Dueren, TeDrive Steering GmbH in Wuelfrath, TeDrive Poland Sp. Z.o.o. in Praszka, and TeDrive Brazil Ltda. in Arbor.

For more information about Visteon Corp., go to: http://www.visteon.com.