Visteon to sell automotive lighting business
DETROIT (Reuters) -- U.S. auto parts supplier Visteon Corp. has agreed to sell its automotive lighting business to India-based Varroc Group for $92 million in cash.
Visteon, in a statement today, said the sale of the business, which supplies lighting products to global vehicle manufacturers, was part of its drive to focus on its climate control and electronics operations.
The automotive lighting business, which posted $531 million in revenue in 2011, has operations in Europe, North America and Asia and employs around 4,200 people, the company said.
The deal is expected to be completed in the third quarter of 2012, Visteon added.
The former affiliate of Ford Motor Co. has four businesses: climate control, interiors, electronics and lighting. It also has a stake in Halla and Yanfeng Visteon Automotive Trim Systems, its joint venture in China with Huayu Automotive Systems.
In November, Visteon signed a non-binding pact to sell the majority of its interiors business to Yanfeng Visteon.Contact Automotive News