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Visteon
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Visteon is an automotive parts company spun off from the Ford Motor Company in 2000.
Visteon is to the Ford Motor Company as Delphi is to General Motors and Denso is to Toyota. In 2004, it had 70,000 employees worldwide and $18.7 billion USD in sales, and it includes over 200 facilities around the world.
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Encyclopedia
Visteon is an automotive parts company spun off from the Ford Motor Company in 2000.
Visteon is to the Ford Motor Company as Delphi is to General Motors and Denso is to Toyota. In 2004, it had 70,000 employees worldwide and $18.7 billion USD in sales, and it includes over 200 facilities around the world. Since its independence from Ford, Visteon has set a corporate goal of expanding business with other companies, and now has substantial relationships with General Motors, Chrysler, and several Asian manufacturers including Nissan and Hyundai. In 2005, Visteon moved to new headquarters in Van Buren Township, Michigan.
On September 13, 2005, Visteon and Ford reached an agreement whereby 17 of the less-profitable Visteon plants and 6 offices would be transferred to an independent business entity called Automotive Components Holdings LLC. This action, essentially assuring the long-term viability of Visteon, involved the transfer of 18,000 hourly workers and 5000 salaried workers to the new entity, reducing Visteon to approximately 52,000 employees worldwide and $11 billion USD in annual sales. Three of the plants are in Mexico, the remaining plants and 6 offices are in the US. Automotive Components Holdings LLC (ACH), managed by Ford, was referred to as a "temporary entity", as its purpose was to prepare the plants and facilities for sale. By the end of 2007, all ACH operations had been closed, scheduled for closure, merged at least partially, or sold (2 back to Ford), with transactions to be completed by the end of 2008 except for one plant which is to remain an ACH facility until its closure in 2009.
During early March 2009, Visteon was delisted from the New York Stock Exchange for trading at extremely low levels. This action came after Visteon shared dropped from 7 cents, to 2 cents.
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