Visteon (Van Buren Township, MI) has completed the sale of its automotive lighting business to Indian company Varroc Group (Aurangabad), a global supplier of automotive parts including lighting and injection molded interior and exterior components, for approximately $72 million in cash. The two companies announced plans for the sale on March 12.
"This transaction completes an important step in our strategic plan to focus on our core businesses and strong joint venture relationships," says Don Stebbins, Visteon chairman, chief executive officer and president. Visteon's remaining product lines include climate, interiors, engine induction, and powertrain control.
The business sold to Varroc had 2011 revenue of $531 million and 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. It includes manufacturing and engineering facilities in Novy Jicin and Rychvald, Czech Republic; Monterrey, Mexico; and Pune, India....