Visteon: Difference between revisions

| logo = [[File:Visteon- logo (2016).svg|180 px|Visteon Logo]]

| traded_as = {{ubl|{{NYSENASDAQ|VC}}|[[List of S&P 400 companies|S&P 400]] component}}

| revenue = [[United States Dollar|US$]]23.94576 billion<ref>{{Cite webpress release|url=https://www.globenewswirevisteon.com/news-releasenewsroom/2020/02/20/1987684/0/en/Visteonvisteon-Announcesannounces-Fourth2022-Quarterfinancial-results-and-Full-Year-20192023-outlook/ |title=Visteon Announces 2022 Financial- Results.html and 2023 Outlook }}</ref>

| revenue_year = 20192022

| num_employees = 820,000<ref>{{Cite web|url=http://www.wsj.com/articles/visteon-plans-to-cut-global-workforce-151601674537|title=Visteon|website=WSJ|access-date=2020-10-04}}{{Dead link|date=April 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

| num_employees_year = 20202023

| website = {{URL|https://visteon.com/|visteon.com}}

Visteon was a spinoff from the [[Ford Motor Company]], as [[Delphi (auto parts)|Delphi]] is from [[General Motors Corporation|General Motors]]. In 20172022, Visteon had sales of US $3.14676 billion and approximately 10,000 employees at more than 40 facilities in 18 countries.<ref>{{cite web|url=https://visteon.com/media/newsroom/2018/180222_story1.html|title=Visteon Reports Strong 2017 Financial Results|website=visteon.com|access-date=5 July 2018|archive-date=22 March 2018|archive-url=https://web.archive.org/web/20180322015520/https://visteon.com/media/newsroom/2018/180222_story1.html|url-status=dead}}</ref> Since its independence from Ford, Visteon has set a corporate goal of expanding business with other companies, and now has a diversified customer base, working with all of the major automakers worldwide.<ref name="slideshare.net"/> Visteon's market share, market and revenue have changed substantially since it formed. A majority of revenue (80+%) came from North America, driven by its relationship with Ford Motor Company. Today, its revenue comes predominantly from Asia, North America, and Europe. In 2005, Visteon moved to a new headquarterslocation in [[Van Buren Township, Michigan]].

Initially, Visteon participated in three main divisions, namely: climate, electronics, and interior systems. With the sale of its equity interest in the Climate operations in mid-year 2015 and completed sale of its interiors business in 2016, Visteon re-focused on the high-growth cockpit electronics business with a focus on software and the connected car.

In 2015, Visteon introduced [[Sachin Lawande]] as the new president and CEO.

* SmartCore™[https://www.visteon.com/products/domain-controller/ cockpitSmartCore]™ domain controllers

On September 13, 2005, Visteon and Ford reached an agreement whereby seventeen of the less-profitable Visteon plants and six offices would be transferred to an independent business entity called [[Automotive Components Holdings]] LLC. This action, intended to assure the long-term viability of Visteon, involved the transfer of 18,000 hourly workers and 5000 salaried workers to the new entity, reducing Visteon to approximately 52,000 employees worldwide and US$11 billion in annual sales. Three of the plants are in Mexico, the remaining plants and six offices are in the US. Automotive Components Holdings (ACH), managed by Ford, was referred to as a "temporary entity", as its purpose was to prepare the plants and facilities for sale. By the end of 2007, all ACH operations had been closed, scheduled for closure, merged at least partially, or sold (two back to Ford), with transactions to be completed by the end of 2008 except for one plant which is to remain an ACH facility until its closure in 2009.<ref>{{cite web|url=http://www.crainsdetroit.com/apps/pbcs.dll/article?AID=/20080128/SUB/801280305/1033/-/-/achs-bid-to-sell-former-ford-plants-on-track-first-sale-made|title=ACH's bid to sell former Ford plants on track; first sale made|date=25 January 2008|access-date=5 July 2018}}</ref>

On March 31, 2009, Visteon's UK subsidiary was deemed insolvent, and placed into [[administration (law)|administration]].<ref>{{cite web|url=http://www.accountancyage.com/accountancyage/news/2239525/kpmg-appointed-administrators|title=KPMG appointed administrators of Visteon UK - Accountancy Age|date=31 March 2009|access-date=5 July 2018}}</ref> The UK subsidiary had never been profitable, and the insolvency was the result of the US parent company being unableunwilling to continue to support the British operation. The administrators, [[KPMG]], immediately moved to close all three Visteon UK factories and made 565 workers redundant. Visteon's profitable UK subsidiary Visteon Engineering Services (VES) remained unaffected by the restructuring.

As a result, workers occupied the plants in Belfast, Northern Ireland, and Enfield, London, and picketed the plant in Basildon, Essex, to gain better redundancy packages.<ref>{{cite news| url=http://news.bbc.co.uk/2/hi/business/7976783.stm | work=BBC News | title=Car plant workers occupy factory | date=April 1, 2009}}</ref>

The [[Subprimesubprime mortgage crisis]] greatly impacted the auto industry and left Visteon with little demand. During early March 2009, Visteon was delisted from the New York Stock Exchange for trading at extremely low levels. This action came after Visteon sharedshares dropped from 7 cents, to 2 cents.<ref>{{cite web|url=http://www.freep.com/article/20090306/BUSINESS01/903060412|title=Detroit Free Press|website=Detroit Free Press|access-date=5 July 2018}}</ref> On May 28, 2009, the company filed voluntary petitions to reorganize Visteon Corporation and certain of its U.S. subsidiaries under Chapter 11 of the U.S. Bankruptcy Code.<ref>{{cite news| url=https://www.theguardian.com/business/feedarticle/8529115 | location=London | work=The Guardian | date=May 7, 2008| title=Removed: News agency feed article }}</ref> The case was heard in [[Delaware]] on May 29, 2009, by Judge Christopher Sontchi,<ref>{{cite news| url=https://www.theguardian.com/business/feedarticle/8529801 | location=London | work=The Guardian | title=Business | date=May 7, 2008}}</ref> where Visteon was granted Chapter 11 protection.

In July 2014, Visteon acquired [[Johnson Controls]] electronics division for $265 Million.<ref>{{Cite news |url=https://online.wsj.com/article/PR-CO-20140113-904770.html |title=Johnson Controls Sells Automotive Electronics Business to Visteon Corporation |publisher=The Wall Street Journal |date=January 13, 2014 |access-date=January 13, 2014 |archive-date=January 14, 2014 |archive-url=https://web.archive.org/web/20140114130112/http://online.wsj.com/article/PR-CO-20140113-904770.html |url-status=dead }}</ref> In July 2016, Visteon acquired AllGo Embedded Systems Pvt Ltd.<ref>{{cite web|url=http://www.allgosystems.com/for_release_july_2016_1.php|title=AllGo- For Release 2016|website=www.allgosystems.com|access-date=5 July 2018|archive-date=5 July 2018|archive-url=https://web.archive.org/web/20180705151814/http://www.allgosystems.com/for_release_july_2016_1.php|url-status=dead}}</ref>

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[[Category:Companies listed on the New York Stock ExchangeNasdaq]]