Visteon Corp and BorgWarner Inc separately announced plans on Wednesday to sell units that are not part of their core businesses.The shares of both U.S. automotive suppliers shot up more than 6 percent on the New York Stock Exchange. The deals come at a time when bankers and consultants say there is renewed interest in consolidation and asset sales by major parts suppliers.Visteon signed a nonbinding memorandum of understanding to sell the majority of its interiors business to Yanfeng Visteon Automotive Trim Systems, a joint venture between Visteon and SAIC Motor Corp Ltd .Visteon said the deal is expected to be completed in early 2012, but did not disclose financial terms.
BorgWarner Inc. and Consolidated Subsidiaries (the Company) is a global supplier of engineered automotive systems and components, primarily for powertrain applications. Shares of BWA traded higher by 6.0% or $3.73/share to $65.92. In the past year, the shares have traded as low as $54.59 and as high as $77.70. On average, 1626790 shares of BWA exchange hands on a given day and today's volume is recorded at 2603375.
Visteon Corporation (Visteon) is a global supplier of climate, interiors and electronics systems, modules and components to automotive original equipment manufacturers (OEMs), including BMW, Chrysler, Daimler, Ford, General Motors, Honda, Hyundai, Kia, Nissan, PSA Peugeot Citroen, Renault, Toyota and Volkswagen. Shares of VC traded higher by 6.63% or $3.48/share to $55.95. In the past year, the shares have traded as low as $38.32 and as high as $76.61. On average, 531030 shares of VC exchange hands on a given day and today's volume is recorded at 2423701.
