Jan. 13, 2014—Visteon Corporation announced Monday that it has agreed to purchase the automotive electronics business of Johnson Controls in a cash transaction valued at $265 million, subject to adjustment.
Visteon Corporation is a global automotive supplier that designs, engineers and manufactures components and systems for virtually every vehicle manufacturer worldwide.
"We look forward to continuing on our path of value creation for customers and shareholders by integrating this highly regarded business into the Visteon Electronics family," said Visteon president and CEO Timothy D. Leuliette. "This is a strong strategic fit with our existing electronics portfolio and gives us the worldwide scale and cost efficiencies needed to support vehicle manufacturers' global platforms and programs. It also diversifies our electronics customer base, solidifies our already strong global footprint, and brings new technologies, capabilities and outstanding engineers to help grow our business."
The acquisition will give Visteon more assets in the vehicle cockpit electronics business by strengthening its global scale, manufacturing and engineering footprint, product portfolio, and customer penetration, according to a press release_notes.
The combined business will be a $3 billion global electronics enterprise.
The acquisition is subject to certain regulatory approvals and is expected to be completed in the second quarter of 2014.
