Visteon to sell climate-control business assets to affiliate Halla

  • 11-Jan-2013 03:16 EST
Electric Compressor_HEV and EV application 2.jpg

Visteon’s electric compressor for EV and hybrid vehicle applications is among the technologies that will be part of the Halla Visteon Climate Control organization upon completion of the transaction.

Visteon Corp. and its longtime Korean affiliate Halla Climate Control Corp. have signed an agreement under which the latter will purchase most of the former's climate-control business to create the world's second largest supplier of automotive climate-control components and systems. The purchase price is $410 million cash. Visteon will maintain its 70% ownership stake in Halla, whose name will change to Halla Visteon Climate Control Corp. Subject to regulatory approvals, the deal is expected to be finalized by the end of first quarter 2013. The operations that Visteon will consolidate into Halla span 12 countries across Europe, North America, and Asia and include more than 5000 manufacturing, engineering, and administrative employees.

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