Auto parts maker Visteon Corp said it would sell most of its automotive interiors business to private equity firm Cerberus Capital Management LP as it focuses on its fast-growing climate control and electronics operations.The company did not disclose the sale price of the business, which contributed about $1 billion to the company's 2013 sales of $7.4 billion.The business being sold makes auto components such as instrument and door panels at plants in Europe, Asia and South America, employing more than 4,000 people.Visteon also said on Friday it had completed the sale of its 50 percent stake in Korean automotive interiors maker Duckyang Industry Co Ltd for $24.1 million and an additional $6 million in dividends.
Visteon Corporation (Visteon) is a global supplier of climate, electronics and interiors systems, modules and components to automotive original equipment manufacturers (OEM), including BMW, Chrysler, Daimler, Ford, General Motors, Honda, Hyundai, Kia, Nissan, PSA Peugeot Citroen, Renault, Toyota and Volkswagen. Shares of VC traded higher by 0.74% or $0.64/share to $87.45. In the past year, the shares have traded as low as $58.02 and as high as $90.63. On average, 582637 shares of VC exchange hands on a given day and today's volume is recorded at 528464.
Source
