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SOURCE Halla Visteon Climate Control Corp.
-- Enhances company's fuel-efficient thermal energy management offering to automakers
-- Increases customer diversification and expands product offering to better support automakers' global platforms
DAEJEON, Korea, June 30, 2014 /PRNewswire/ -- Halla Visteon Climate Control Corp. (KS: 018880) has agreed to purchase the automotive thermal and emissions product line of Cooper-Standard Automotive Inc., a subsidiary of Cooper-Standard Holdings Inc. (NYSE: CPS), in a move that will expand its thermal energy management product portfolio and further diversify its customer base.
The cash transaction, valued at $46 million and subject to adjustment and certain regulatory and other approvals, is targeted for completion in the third quarter of 2014.
The business to be acquired encompasses a range of automotive products that will support increased fuel efficiency and reduced emissions. Products include exhaust gas recirculation modules (EGRs), electronic coolant pumps and valves; electronic wastegate actuators and electronic throttle bodies.
"This acquisition builds on HVCC's thermal energy management offering, and enhances the company's competitive position as a system and module supplier through solutions that deliver value to customers, investors and employees," said YH Park, HVCC president and CEO.
HVCC plans to transfer production of these products from Cooper Standard to existing HVCC locations upon completion of the transaction. Physical assets will transfer to HVCC from Cooper Standard operations in North America, Germany, France and the Czech Republic. In addition, the parties intend for certain engineering resources in North America and Germany to transfer as part of the transaction.
"Cooper Standard's thermal and emissions business has strong products, technology and customer relationships," Park noted. "HVCC and Cooper Standard are committed to completing this transaction in a quick and efficient manner, and ensuring a smooth transition for customers, suppliers and the employees involved."
About Halla Visteon Climate Control
Halla Visteon Climate Control (HVCC) is a full-line automotive supplier of climate systems and components. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. With 35 manufacturing sites supported by four global technical centers in 19 countries, HVCC employs nearly 14,500 people.
HVCC is a 70-percent owned subsidiary of Visteon Corporation (NYSE: VC) and is traded on the Korea Stock Exchange. Learn more at www.hvccglobal.com.
Visteon is a leading global automotive supplier delivering value for vehicle manufacturers and shareholders through businesses including Halla Visteon Climate Control Corp., Visteon Electronics and Visteon Interiors. Visteon designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 29 countries and employs about 24,000 people. Visteon had sales of $7.4 billion in 2013. Learn more at www.visteon.com.
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