Ford Motor Company (NYSE: F) today announced the timing for the distribution of the company’s 100 percent stake in Visteon Corporation (NYSE: VC) to its shareholders. The distribution will occur on June 28 to Ford shareholders of record on June 12.
Ford Motor Company shareholders will receive one Visteon share for approximately every eight shares of Ford they own on the record date. The actual distribution ratio will be determined and announced after June 12.
Ford Motor Company will make a cash distribution in lieu of Visteon stock to employees who invest in Ford stock through certain U.S. employee savings plans. The cash distribution will be of equal value to the stock distribution on a per share basis.
Visteon Corporation is one of the world’s largest suppliers of automotive systems and is recognized as a technology leader in electronics integration. With 1999 sales of $19.4 billion, Visteon will rank among the top 100 companies on the Fortune 500 once it becomes an independent company.
The Visteon stock distribution is separate from Ford Motor Company’s previously announced Value Enhancement Plan (VEP) that also will generate a shareholder distribution this year. Under the VEP, Ford shareholders will exchange their current Ford common or Class B shares for new common or Class B shares, plus cash or additional new Ford common shares. Timing for the VEP distribution will be announced later this summer.