(Adds details, share price)
May 2 Auto parts maker Visteon Corp said
it would sell most of its automotive interiors business to
private equity firm Cerberus Capital Management LP as
it focuses on its fast-growing climate control and electronics
The company did not disclose the sale price of the business,
which contributed about $1 billion to the company's 2013 sales
of $7.4 billion.
The business being sold makes auto components such as
instrument and door panels at plants in Europe, Asia and South
America, employing more than 4,000 people.
Visteon also said on Friday it had completed the sale of its
50 percent stake in Korean automotive interiors maker Duckyang
Industry Co Ltd for $24.1 million and an additional
$6 million in dividends.
Visteon's climate business comprises heating, ventilation,
air conditioning and powertrain cooling systems, while the
electronics business includes audio and navigation systems. The
businesses account for about 80 percent of Visteon's revenue.
The deal is expected to be complete by the end of the year,
the company said.
Rival Johnson Controls has also put its money losing
interiors business for sale.
Visteon shares closed at $87.45 on the New York Stock
Exchange on Thursday.
(Reporting by Sagarika Jaisinghani and Mridhula Raghavan in
Bangalore; Editing by Saumyadeb Chakrabarty)