Visteon has entered into a definitive agreement with Autoliv to sell its Restraint Electronics business.
The sale includes Visteon’s North American and European order book of approximately $150 million in annual sales to Ford Motor Company and its affiliates, including associated manufacturing operations in Markham, Ontario, as well as related assets and liabilities.
Visteon’s Hiroshima operations are not part of the sale. Closing of the deal is expected to be in the First Quarter of 2002.
Autoliv will continue restraint electronics production at Markham. Restraint electronics production in Palmela, Portugal will move to other Autoliv facilities over a period of months. The sale will pave the way for shutting down all Visteon operations at Markham by year’s end; further details are to be announced shortly.
Visteon will transfer non-restraint electronics production from Markham to other North American facilities. The company said that it was evaluating new business opportunities to better utilise Palmela’s capacity.