Visteon Corporation, one of the world’s largest suppliers of automotive systems, is one step closer to becoming an independent company as record and stock distribution dates were announced by Ford Motor Company (NYSE: F) today. The distribution will occur on June 28th to Ford shareholders of record on June 12.
Ford shareholders will receive one Visteon share for approximately every eight shares of Ford stock they own on the record date. The actual distribution ratio will be determined and announced after June 12.
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“These dates represent a significant milestone toward achieving independence for Visteon,” said Peter J. Pestillo, Chairman, President and CEO of Visteon. “Independence provides us with the opportunity to fully leverage our technology and systems engineering expertise to meet the demands of today’s rapidly changing industry.”
Visteon’s goal is to become the world’s leading supplier of integrated automotive technology systems. Visteon is well positioned to do so with its global reach, total systems solutions, electronics expertise, innovative technologies and understanding of consumer desires.
While continuing to cultivate and grow its Ford business, Visteon is poised to pursue a greater share of the $500 billion total global automotive supply business. Almost 40 percent of all new sales in 1999 came from customers other than Ford.
The aftermarket presents another important growth opportunity for Visteon. In 1999, Visteon global aftermarket sales rose nearly 27 percent and should exceed $1 billion this year.
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By GlobalData“The industry is consolidating platforms, seeking innovative technology and expecting support at its plant sites,” Pestillo said. “Because of our reach, scale and scope, we are one of the few global suppliers able to meet these needs.”
Once independent, Visteon will trade on the New York Stock Exchange under the symbol VC and with 1999 sales of $19.4 billion, will rank among the top 100 companies on the Fortune 500.
Visteon Corporation is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels within the global automotive aftermarket. Visteon has a global delivery system of more than 130 technical, manufacturing, sales, and service facilities located in 23 countries. It has 81,000 employees working in three core business segments: Dynamics and Energy Conversion; Comfort, Communication and Safety; and Glass.
