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Electronics Production | April 01, 2009

Visteon UK into administration - affects 3 manufacturing operations

One of Visteon's subsidiaries in the United Kingdom, Visteon UK, consisting of three manufacturing facilities, filed for administration with the UK High Court under the Insolvency Act 1986. The administration order places Visteon UK Ltd under the control of court-appointed administrators from KPMG.
Visteon UK includes facilities in Basildon, Belfast and Enfield. Employing approximately 600 people, the facilities manufacture automotive interiors, climate and powertrain components. All other Visteon operations are excluded from and not impacted by this action, including the Visteon Engineering Services subsidiary, which employs approximately 400 people at Visteon's UK customer and technology centers.

"Visteon is committed to taking decisive actions in view of the current challenging operating environment to protect the long-term viability of the business," said Donald J. Stebbins, chairman and CEO of Visteon Corporation. "Despite extensive restructuring efforts, the UK facilities have continued to incur substantial losses. Regrettably, having exhausted all options, the Visteon UK board of directors had no alternative but to file for administration."

Mr Stebbins added, "Addressing the unfavorable financial performance of our UK manufacturing operations is an important step in positioning the company for future success. Visteon maintains strong engineering, development and services capabilities in the UK, and continues to serve global vehicle manufacturers through our broad manufacturing and engineering resources throughout Europe."

The appointed administrators from KPMG are James Tucker and John Hansen.

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