Peter J. Pestillo, Chairman, President and CEO of Visteon Corporation, is ringing the opening bell at the New York Stock Exchange today as public trading begins for the world’s second largest supplier of automotive components and integrated systems.
With 1999 sales of $19.4 billion, Visteon ranks 87th among the top 100 companies on the Fortune 500. Visteon is trading under the symbol “VC” and is listed on the Standard & Poor 500 Index as part of the Auto Parts & Equipment Industry Group.
“Today marks Visteon’s first day as an independent company,” said Pestillo. “We believe that the industry is moving in the direction where Visteon has strength — systems integration, electronic capabilities and global reach. We plan to capitalize on these strengths to provide opportunities for our shareholders, customers, employees and communities.”
Visteon starts off with a strong customer base providing components and systems for nearly all vehicle manufacturers around the world. It has more than $17 billion in business with Ford Motor Company and has booked $1.4 billion in new business in 2000. Of that new business, more than $500 million is in multimedia and telematics technologies — a key area of growth for Visteon. Global customers including Ford, General Motors, Honda and Nissan have sourced Visteon to provide products such as navigation, communication, entertainment, in-car computing and audio systems on several future vehicles — some in the 2001 model year.
“At Visteon, inspiration for technologies like multimedia is driven by consumers,” said Pestillo. “By understanding consumer wants and needs, we are able to serve as strategic partners with our customers as we introduce new technologies into the marketplace.”
In addition, Visteon’s Mobile Communications Center, a customized marketing approach to winning business from its customers, is showcasing the company’s innovative technology solutions on Broad Street, in front of the New York Stock Exchange. Among the technologies featured in the Mobile Communications Center are Visteon Voice Technology(TM), Rear Seat Entertainment and ICES, Visteon’s in-car computing platform.
The NYSE is the first stop on the Mobile Communications Center’s nationwide tour of current and prospective automotive customers. A Ford Harley-Davidson F-150, Dodge Caravan and Honda Accord — each loaded with Visteon technology, accompanies the Mobile Communications Center.
Visteon culminates its independence celebration back in Detroit tonight with its sponsorship of “Visteon Night at Comerica Park,” during the DETROIT TIGERS baseball game against the New York Yankees.
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 business segments: Dynamics and Energy Conversion; Comfort, Communication and Safety; and Glass.