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Thursday, February 28, 2013

Europe's turnaround to take longer than U.S. rebound -Visteon CEO, (NYSE: VC)

The auto industry's turnaround efforts will take longer to gain traction in Europe than in the United States, where some companies were able to see the fruits of their plans within a year, Visteon Corp top executive said on Thursday.The longer time frame partly stems from the fact that the severance pay required to lay off workers in some areas of Europe is higher than in the United States, Chief Executive Tim Leuliette said in an interview.Furthermore, companies have struggled to keep pace with the sharp, rapid deterioration in the economy as austerity measures and unemployment have hurt consumer spending."Everyone's trying to pin a tail on the donkey, but the donkey does move," Leuliette said, after the auto parts maker reported fourth-quarter earnings Thursday.

Visteon Corporation (Visteon) is a global supplier of climate, electronics, interiors and lighting systems, modules and components to global automotive original equipment manufacturers (OEMs). Shares of VC traded higher by 2.07% or $1.18/share to $58.28. In the past year, the shares have traded as low as $27.04 and as high as $60.29. On average, 430260 shares of VC exchange hands on a given day and today's volume is recorded at 813049.