DETROIT -- Visteon Corp. confirmed that it's in discussions with a private equity firm to sell its stake in South Korean joint venture Halla Visteon Climate Control Corp.
Media reports in South Korea said Visteon and Hahn & Co. had signed a preliminary agreement. Visteon plans to sell its nearly 70 percent stake for $3.6 billion, the Korea Economic Daily reported. But Visteon said that "there can be no assurance these discussions will result in any transaction or on what terms any such transaction may occur."
The deal would close a tumultuous few years for the venture.
In July 2012, two years after emerging from bankruptcy, Visteon said it would offer $805 million to acquire the 30 percent stake in Halla that it didn't own. But Korea's National Pension Service, which held an 8 percent stake in Halla, rejected the deal, saying the offer was low.
The failure to secure the deal led to Visteon's board parting ways with then-CEO Don Stebbins.
In September 2012, new CEO Tim Leuliette sold the climate control business to the Halla joint venture.
This year, Halla Visteon agreed to acquire Cooper-Standard Automotive Inc.'s thermal and emissions business for $46 million, beefing up the venture's product line in North America and Europe.