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Electronics Production | June 03, 2010

Visteon rejects Johnson Controls proposal

Visteon has rejected an unsolicited proposal from Johnson Controls to purchase certain assets associated with Visteon’s interiors and electronics businesses.
The Board of Directors of Visteon has unanimously concluded that "our stakeholders, as well as our customers and employees, are best served by moving forward with our previously announced Plan of Reorganization to emerge from bankruptcy as a strong, independent, stand-alone company".

The statement continues: "On a related matter, I am concerned that JCI’s recent contacts with our customers and aggressive characterizations of your proposal could potentially damage our business and relationships with key customers. I assume these communications are occurring without your knowledge and ask that you personally see that such communications end."

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