Visteon Corporation on Friday said it had sold its Halewood, United Kingdom, facility to International Automotive Components Group Europe (IAC Europe), a key automotive supplier of interior trim, carpet and acoustics systems, and exterior trim.
The Halewood facility is dedicated to the assembly and sequencing of cockpit systems and consoles for Jaguar Land Rover's Halewood plant which makes X-type cars and Freelander SUVs.
The facility had 2007 sales of approximately US$150m and operated on close to a break-even basis. 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. Terms of the sale were not disclosed.
"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.