Visteon 'aggressively' seeks acquisitions
Stebbins: Been a long time.
DETROIT -- Visteon Corp., the former Ford Motor Co. parts unit that exited bankruptcy six months ago, is "aggressively" looking for acquisitions.
The company seeks to strengthen its four product groups: lighting, interiors, electronics and climate systems, CEO Donald Stebbins said.
"We are not interested in adding a fifth leg," Stebbins said after a speech today.
Visteon reduced debt by about $2.1 billion during 16 months of court protection. It posted a $1.13 billion profit in the last three months of 2010, its first quarter out of bankruptcy, aided by a $933 million gain from its reorganization.
The company spent most of 2009 in bankruptcy and recorded its first annual profit since its 2000 spinoff from Ford.
Stebbins said it has been some time since Visteon has been in a position to make acquisitions.
"We are aggressively looking for opportunities," he said.
He spoke at a breakfast sponsored by the Detroit-area law firm, Dawda, Mann, Mulcahy & Sadler.
You can reach Dave Versical at email@example.com.