Skip to main content

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

  • The sunshine subsidy for Colorado’s tollways
    January 10, 2014
    David Crawford reports on energy cost cutting on US highways. Just over a year after switch-on and with two global awards under its belt, the longest solar-powered toll road in the US is generating heightened interest in highway applications of alternative energy. The E-407, which loops around the eastern perimeter of the Denver metropolitan area in Colorado, won the International Bridge, Tunnel and Turnpike Association (IBTTA) President’s Overall Award for Excellence at its September 2013 Annual Meeting in
  • Bridgestone Europe buys TomTom Telematics in €910m mobility deal
    February 1, 2019
    The telematics business of data provider TomTom is to be snapped up by the European arm of Bridgestone in a €910m cash deal. Part of the Bridgestone Corporation tyre empire, Bridgestone Europe says the deal will speed up its “journey to becoming a mobility solutions leader in the region”. Bridgestone is making fleet solutions a “strategic priority”. In a statement, the company said: “New social, economic and technological megatrends are pushing the pace of change in the automotive industry and the fut
  • Q-Free acquisition expands ATMS business
    September 23, 2014
    Q-Free has further expanded its advanced traffic management systems and road user charging business, with the acquisition of US company Open Roads Consulting. Q-Free says Open Roads Consulting's software solutions will be a valuable addition to its own ATMS solutions in the US and internationally. Established in 2000, Open Roads Consulting has 74 employees and operates mission critical traffic deployments and video based surveillance of critical assets in 30 states in the US. “We are happy to close t
  • Affordable e-motorbike launches in UK
    July 21, 2017
    A new zero-emission, crowd funded electric motorbike has officially launched in the UK and its developers expect it to reinvent British urban mobility. The Super Soco has been specifically developed to revitalise urban mobility and commuting while reducing emissions and noise pollution. The new e-motorbikes, designed and manufactured in China, are the result of a joint venture between Australian electric scooter company V-Moto and a US$15 million Chinese crowd funded project. The bikes combine the latest