Visteon to sell its automotive lighting business to Varroc Group of India

Visteon Corporation has announced that it has agreed to sell its automotive lighting business to Varroc Group, a global provider of automotive parts headquartered in India, for US$92 million in cash. The transaction, which is subject to regulatory reviews and other conditions, is expected to be completed in the third quarter of 2012. The business to be sold encompasses a wide range of exterior lighting products supplied to global vehicle manufacturers, including front and rear lighting systems, auxiliary la
March 22, 2012 Read time: 2 mins
2165 Visteon Corporation has announced that it has agreed to sell its automotive lighting business to 4158 Varroc Group, a global provider of automotive parts headquartered in India, for US$92 million in cash. The transaction, which is subject to regulatory reviews and other conditions, is expected to be completed in the third quarter of 2012.

The business to be sold encompasses a wide range of exterior lighting products supplied to global vehicle manufacturers, including front and rear lighting systems, auxiliary lamps and key subcomponents such as projectors and electronic modules. With 2011 revenue of $531 million, the business to be sold has operations in Europe, North America and Asia.

"This transaction allows Visteon to focus on our core climate and electronics businesses and our joint venture relationships, which are positioned for profitable growth and market leadership," said Donald J. Stebbins, Visteon chairman, chief executive officer and president. "We are pleased to be selling our lighting business, with its many competitive strengths, to a successful and growing company with 26 manufacturing plants and three engineering centres, where we think it will be an excellent strategic fit.

Visteon operations that would transfer to Varroc include manufacturing and engineering facilities in Novy Jicin and Rychvald, Czech Republic; Monterrey, Mexico; and Pune, India. The companies intend for the sale to include Visteon's equity interest in a China-based lighting joint venture, Visteon TYC Corporation. Certain other lighting employees and assets would transfer as well. In total, about 4,200 manufacturing, engineering and administrative employees are part of the lighting business that is involved in the transaction.

Varroc Group, based in Aurangabad, India, supplies components for two-, three- and four-wheel passenger and commercial vehicles. The company has approximately 5,000 employees at 20 manufacturing plants in India, five in Europe and one in Southeast Asia.

For more information on companies in this article

Related Content

  • PTV Group targets international expansion
    October 15, 2015
    The PTV Group has expanded its international business with the opening of a new branch in Sao Paulo, Brazil, to improve infrastructure usage of in the South American market through a local office. PTV, which has operations worldwide, including in Mexico City, Portland, Oregon and Arlington, Washington, sees the move as further strengthening its position in the American market. The group now has 14 branches and subsidiaries across five continents, and some 600 employees, generating a turnover of US$90
    Read More
  • Tolling is still stuck on the sidelines says ASECAP speaker
    August 19, 2015
    Geoff Hadwick attended ASECAP’s 2015 Study Days meeting in Lisbon and found a frustrated European tolling sector undertaking some soul searching. The international road tolling industry its failing to make it case and the sector is losing out to a range of other socio-political lobby groups according to International Bridge, Tunnel and Turnpike Association (IBTTA) chief executive Pat Jones. Speaking at the recent 2015 ASECAP Study Days conference in Lisbon, Jones issued a stark warning: “Tolling is still o
    Read More
  • Researchers test cost-effective vehicle automation
    April 17, 2013
    Researchers at Oxford University in the UK are testing a combination of off-the-shelf technology which could enable a car to drive itself for sections of a familiar route. Dr Ingmar Posner of the University’s mobile robotics group is part of a team working on the car which he believes could affordably reach the showrooms in ten or fifteen years.
    Read More
  • LeasePlan announces EV pilot programs for companies
    November 13, 2017
    LeasePlan (LP) has announced the launch of its electric vehicle (EV) pilot program for corporate companies as part of its ambition to achieve net zero emissions from its total fleet by 2030, at this year’s UN Climate Change Conference in Bronn, Germany. The project aims to make it as easy as possible for companies that want to make the switch to low- EVs and it will be available in Belgium, France, Germany, the Netherlands, Norway, Portugal and the UK from December.
    Read More

Highlighted Content