Visteon to sell stake in Halla Visteon
Posted on 26 Jan 2015 and read 1682 times
Visteon, the US car parts manufacturer, is to sell its 70% stake in Halla Visteon Climate Control — a South Korean joint-venture supplier of car air-conditioners and heaters — to two other businesses in South Korea: private-equity group Hahn & Co and tyre maker Hankook.
The $3.6 million sale will see the US group focus on in-car electronics and connected vehicle technology. Michigan-based Visteon, which was spun out of Ford in 2000, is keen to capitalise on the expected boom in demand for 'cloud'-based products and services in cars.
Halla Visteon Climate Control was set up as a joint venture between Ford and South Korean car parts maker Mando in 1986. Mando sold its stake to Visteon in 1999 in
the wake of the Asian financial crisis.