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Visteon
From Wikipedia, the free encyclopedia
Visteon NYSE: VC is an automotive parts company spun off from the Ford Motor Company.
Visteon is to the Ford Motor Company as Delphi is to General Motors and Denso is to Toyota. In 2004, it had 70,000 employees worldwide and $18.7 billion USD in sales, and it includes over 200 facilities around the world. Since its independence from Ford, Visteon has set a corporate goal of expanding business with other companies, and now has substantial relationships with General Motors, Chrysler, and several Asian manufacturers including Nissan and Hyundai. In 2005, Visteon moved to new headquarters in Van Buren Township, Michigan.
In September 13, 2005, Visteon and Ford reached an agreement whereby 17 of the less-profitable Visteon plants and 6 offices would be transferred to an independent business entity called Automotive Components Holdings LLC. This resulted in the transfer of 18,000 hourly workers and 5000 salaried workers to the new entity, reducing Visteon to approximately 52,000 employees worldwide and $11 billion USD in annual sales. Three of the plants are in Mexico, the remaining 17 plants and 6 offices are in the US. Automotive Components Holdings LLC, which is to be managed by Ford, is referred to as a "temporary entity", as its purpose is to prepare the plants and facilities for sale.
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