Visteon company January 14, 2014 announced, agreed to pay $ 265 million cash purchase of Johnson Controls's automotive electronics business, which will make it successful among the Big Three automakers cabin electronics suppliers as well. The transaction is expected to be completed in the second quarter of 2014 after it has been approved by the relevant government and regulatory agencies and other relevant parties. The above acquisitions will increase Visteon’s competitiveness in the fast-growing automotive cockpit electronics sector by expanding its global scale, expanding its manufacturing and R&D layout, improving product mix and customer penetration. The merged Visteon’s electronic business will reach US$3 billion in annual sales and a growth rate that is higher than the industry average, with the driving information system ranking second in the world. The company provides products to nine of the world’s top 10 automakers. In the 2013 fiscal year (as of September 30, 2013), Visteon’s proposed acquisition of this business resulted in approximately US$1.3 billion in annual sales and nearly US$58 million in tax interest depreciation and amortization. The depreciation and amortization of this tax interest includes a deduction of approximately 12 million U.S. dollars in amortized expenses. This amortized cost will not be transferred with this transaction. Visteon will assess whether it needs to increase headquarters resources to support future operations. The transaction creates opportunities for long-term profit growth by realizing economies of scale. It is estimated that by 2017, cost synergies will total more than US$40 million. The above transaction will not affect the company's previously announced $1 billion stock repurchase program, and the current authorized amount is US$875 million. Mr. Timothy D. Leuliette, President and CEO of Visteon, stated that the automotive cockpit electronics business and Halla Visteon Air Conditioning (the second largest air-conditioning system supplier in the world) are two of Visteon’s core businesses, and this transaction strengthens Visteon’s deepening development cockpit. Electronic market promise. “We look forward to continuing to create value for our customers and shareholders by integrating this highly-regarded business into Visteon’s extended family.†Mr. Leuliette added: “This is a time with our existing electronic products. The integration of strong strategic coordination has created a global scale and improved cost efficiency for us so that we can better support the global platforms and projects of automakers. At the same time, it also helps us to form a diverse automotive electronics industry. The customer base strengthens our already solid global presence, brings new technologies and capabilities, and outstanding engineering teams develop our electronic business.†The business that will be acquired from Johnson Controls will mainly provide driving information, infotainment systems, interconnection systems and body electronics to automakers. The deal will involve 4,800 employees, including 1,000 engineers, electronics experts and designers in seven R&D centers in Europe, North America and Asia. The business has a diversified customer base and approximately 72% of its annual revenue comes from BMW, Honda, Renault-Nissan, PSA Peugeot Citroen and Ford Motor. Mr. Leuliette further stated that by integrating the advantages between these electronic businesses, Visteon will create a new leader in the global automotive electronics industry, a sustainable profitable development based on the commonness of current and future consumer electronics and connected cars. Growth capacity of the company. Mr. Martin Thall, president of Visteon Electronics, continued to add that the transaction will enable Visteon to better serve automakers through an expanded global scale and customer base, while further accelerating the company’s development and expansion of market share. “The combined electronic business will become the market and technology leader in the cockpit electronics technology industry, and provide opportunities for the creation and rapid development of new product lines.†Mr. Thall further stated: “Our integrated R&D and engineering team will be consolidated. Visteon is the best global innovation partner for automakers looking for rapid R&D cycles and rapid product launches. Mr. Thall added: "In the process of the successful integration of this transaction, Visteon and Johnson Controls will commit themselves to ensure the orderly development of daily business and continue to provide excellent service to customers." Advisors that provide Visteon with this transaction consulting service include: Rothschild and Worldstar. Visteon’s Electronic Business Unit is a major business unit of Visteon Corporation in the United States and is a leading automotive cockpit electronics supplier. The company achieved an innovative in-vehicle user experience by providing user interfaces, connection establishment, and open architecture solutions. Visteon’s Electronic Business Unit has a total of 16 production and manufacturing bases, 4 technical R&D centers and 11 customer service centers. It employs approximately 6,500 employees (excluding joint ventures under unconsolidated statements). Latest Developments on Exiting the Interior Business Strategy As previously stated in the E-Business Acquisition Agreement, Visteon provided the latest progress statement on the previously announced strategy for exiting the automotive interior business. The company plans to withdraw from Visteon's interior business through three separate transactions. The three transactions are expected to be signed separately in the first half of 2014. If the final agreement is reached, the transaction will consist of separate sales transactions with three different buyers. This series of potential transactions is not expected to have an impact on the value of the company because the company’s goal is to realize that the cash outflow is expected to be approximately equal to the unfunded pension pension liabilities and liabilities that may be transferred, and the sum of the value of certain assets that may be retained. .
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