Visteon Corp. on Monday said its plan to sell unprofitable North American factories to Ford is on track and it expects the transaction to close by September 30, Reuters reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Visteon reportedly said it sees a non-cash charge of $US1.1 billion in its second quarter because of the need to impair assets both in North America and Europe, but it expects to recognise a significant gain from completing the Ford transaction “well in excess” of the charge.
It also said it has not yet filed its 10-Q form with federal regulators for the first quarter and does not expect to make its second-quarter filing before the August 9 deadline, the report added.
According to Reuters, Visteon is not yet able to determine whether it needs to restate prior period results or make further adjustments to first-quarter results.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
