(Corrects paragraph 1 to say Visteon is selling its stake in
Yanfeng Visteon Trim Systems and its interest in certain YFV
affiliates for $1.2 billion. Also corrects U.S. dollar figure to
$68 mln from $300 mln in paragraph 2)
Aug 13 Automotive parts supplier Visteon Corp
agreed to sell its 50 percent stake in Chinese joint
venture Yanfeng Visteon Automotive Trim Systems Co Ltd and its
direct interest in certain YFV affiliates to its partner Huayu
Automotive Systems Co Ltd (HASCO) for about $1.2
Visteon will separately purchase the majority control of the
joint venture's automotive electronics unit, known as Yanfeng
Visteon Automotive Electronics Co Ltd, for $68 million, the
company said in a statement on Tuesday.
"These transactions support our focus on our core climate and
electronics businesses and will bring significant benefits to
Visteon, our customers and our shareholders," said Chief
Executive Timothy Leuliette.
The company also said it increased its share repurchase
program by $875 million to $1 billion.
Visteon was advised by Rothschild Inc, Skadden, Arps, Slate,
Meagher & Flom LLP and Goldman Sachs Co.
(Reporting by Vijay Vishwas in Bangalore, Editing by Thomas