VAN BUREN TOWNSHIP, Mich. — Visteon has completed the sale of its Halewood, U.K., facility to International Automotive Components Group Europe (IAC Europe), a key automotive supplier for interior trim, carpet and acoustics systems and exterior trim.
Under the business purchase agreement, Visteon will transfer the assembly facility and associated assets including purchase and supply contracts to IAC Europe. The nearly 150 employees currently employed at the facility will also transfer to the new owner.
The Halewood facility is dedicated to the assembly and sequencing of cockpit systems and consoles to Jaguar Land Rover’s Halewood operation. The facility had 2007 sales of approximately $150 million and operated on close to a break-even basis.
"Following the recently announced customer agreements and the Swansea plant sale, the divestiture of our Halewood facility marks another important step in improving the financial performance of our UK operations," said Donald Stebbins, Visteon president and chief executive officer.
Terms of the sale were not disclosed.
For more information about Visteon, go to: http://www.visteon.com.
For more information about IAC, go to: http://www.iacgroup.com.
