SOUTH KOREA: Visteon confirms talks to sell HVCC stake
Visteon has confirmed it is in talks with Hahn & Company regarding the potential sale of Visteon's ownership interest in Halla Visteon Climate Control Corp. (HVCC) to the Korea-based private equity company.
The company said in a statement that "there can be no assurance that these discussions will result in any transaction or on what terms any such transaction may occur".
It also said that "Visteon expects that HVCC, the world's second largest provider of vehicle thermal management solutions, would continue to benefit from its well-respected management team, strong balance sheet, expanding global customer base and globally recognized technical acumen."
Korean media reports have suggested that Visteon has already signed a preliminary deal to sell its controlling stake in Halla Visteon for US$3.6bn.
Halla Visteon Climate Control is the world's No. 2 automotive climate control supplier and Visteon owns a 70% stake.