Visteon Corporation (VC) is an American global automotive electronics supplier and Fortune 500 company spun off from the Ford Motor Company in 2000. Visteon is composed of multiple businesses that design, engineer, and manufacture vehicle cockpit electronics products and connected car solutions for a diversified customer base, including all of the major automakers worldwide. Visteon trades on the New York Stock Exchange under the symbol VC.
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Introduction
Visteon is to the Ford Motor Company as Delphi is to General Motors and Denso is to Toyota. In 2016, Visteon had sales of US$3.16 billion and 10,000 employees at more than 40 facilities in 19 countries. Since its independence from Ford, Visteon has set a corporate goal of expanding business with other companies, and now has a diversified customer base, working with all of the major automakers worldwide. Visteon's market share, market and revenue has changed substantially since it formed. A majority of revenue (80+%) came from North America, driven by its relationship with Ford Motor Company. Today, its revenue comes predominately from Asia, North America, and Europe. In 2005, Visteon moved to new headquarters in Van Buren Township, Michigan.
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Business
Initially, Visteon participated in three main divisions, namely: climate, electronics, and interior systems. With the sale of its equity interest in the Climate operations in mid-year 2015 and completed sale of its interiors business in 2016, Visteon re-focused on the high-growth cockpit electronics business with a focus on software and the connected car. In 2015, Visteon introduced Sachin Lawande as the new president and CEO to lead the next phase of company growth. During October of 2017 Visteon fired more than half of its engineers and other employees from the headquarters in Van Buren Township and moved engineering divisions as well as other divisions to Mexico to reduce labor costs
Operations
The company has three corporate offices reflecting the company's key markets.
- North American Corporate Office and Innovation Center, Van Buren Township, Michigan, United States.
- Asia Pacific Corporate Office and Innovation Center, Shanghai, China
- European Corporate Office, Chelmsford, United Kingdom.
Products
Automotive Cockpit Electronics
- Instrument clusters
- Head-up displays
- Information displays
- Infotainment
- Audio systems
- Telematics
- SmartCore(TM) cockpit domain controllers
- Embedded multimedia
- Connectivity
Electronics
Audio and Infotainment
- Audio head units
- Infotainment
- Connectivity solutions
- Audio components
Vehicle Electronics
- Body, security and feature controllers
- Powertrain control
- High voltage/ Low voltage power control
- Domain controllers
Information and Controls
- Instrument clusters
- Displays
- ADAS
- Heads Up Displays
- Climate control heads
- Decorative control panels
Restructuring
On September 13, 2005, Visteon and Ford reached an agreement whereby seventeen of the less-profitable Visteon plants and six offices would be transferred to an independent business entity called Automotive Components Holdings LLC. This action, intended to assure the long-term viability of Visteon, involved the transfer of 18,000 hourly workers and 5000 salaried workers to the new entity, reducing Visteon to approximately 52,000 employees worldwide and US$11 billion in annual sales. Three of the plants are in Mexico, the remaining plants and six offices are in the US. Automotive Components Holdings (ACH), managed by Ford, was referred to as a "temporary entity", as its purpose was to prepare the plants and facilities for sale. By the end of 2007, all ACH operations had been closed, scheduled for closure, merged at least partially, or sold (two back to Ford), with transactions to be completed by the end of 2008 except for one plant which is to remain an ACH facility until its closure in 2009.
On March 31, 2009, Visteon's UK subsidiary was deemed insolvent, and placed into administration. The UK subsidiary had never been profitable, and the insolvency was the result of the US parent company being unable to continue to support the British operation. The administrators, KPMG, immediately moved to close all three Visteon UK factories and made 565 workers redundant. Visteon's profitable UK subsidiary Visteon Engineering Services (VES) remained unaffected by the restructuring.
As a result, workers have occupied the plants in Belfast, Northern Ireland and Enfield, London and are picketing the plant in Basildon, Essex, to gain better redundancy packages.
Bankruptcy and Emergence
The Subprime mortgage crisis greatly impacted the auto industry and left Visteon with little demand. During early March 2009, Visteon was delisted from the New York Stock Exchange for trading at extremely low levels. This action came after Visteon shared dropped from 7 cents, to 2 cents. On May 28, 2009, the company filed voluntary petitions to reorganize Visteon Corporation and certain of its U.S. subsidiaries under Chapter 11 of the U.S. Bankruptcy Code. The case was heard in Delaware on May 29, 2009 by Judge Christopher Sontchi where Visteon was granted Chapter 11 protection.
Visteon completed its reorganization and emerged from Chapter 11 on October 1, 2010.
Acquisitions
In July 2014 Visteon acquired Johnson Controls electronics division for $265 Million.
In July 2016 Visteon acquired AllGo Embedded Systems Pvt Ltd.
References
External links
- Official website
Source of article : Wikipedia
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