DETROIT -- Visteon Corp. on Friday blamed two former, non-executive finance employees for errors that could deepen losses by a combined $65 million to $80 million over the past three years.
The company said certain expenses for freight, raw materials and other supplier costs originating in North America were recorded in periods after Dec. 31, 2004, that should have been recorded in prior periods.
The Van Buren Township, Mich., company said management continues to analyze its financial controls. It did not identify the employees.
Visteon acknowledged there were one or more significant weaknesses in its financial controls as of Dec. 31, 2004.
Visteon said it will restate its 2002 loss of $368 million, 2003 loss of $1.21 billion and $1.50 billion loss for 2004. All are after-tax net losses.
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