Visteon completes acquisition of Electronics Business of Johnson Controls

"This acquisition is a milestone in Visteon's transformation, which we are confident will greatly benefit our customers, investors and new and existing employees around the world," said Timothy D. Leuliette, Visteon CEO and president. "As a cornerstone of our value creation plan, this transaction solidifies cockpit electronics as one of Visteon's two high-growth core growth businesses – along with vehicle thermal management systems, in which we hold the No. 2 position globally." Leuliette added: "Acquiring this highly regarded electronics business gives us the worldwide scale and cost efficiency to support new global programs from automakers, and elevates Visteon into the top tier of companies accelerating connected car technology. The influx of technology and talent will bolster our already strong innovation capabilities. I am pleased with the efforts of both companies to ensure a smooth transition for our customers, suppliers and the employees involved." Martin T. Thall, Visteon executive vice president and president, Electronics, said the acquisition marks the creation of a "major player in the automotive electronics industry." "This new electronics enterprise has the market position and innovation to become the leading technology company in the automotive sector," Thall said. "We are developing solutions that combine the best technology from the fast-paced consumer electronics industry and the automotive world. We're excited to strengthen our ability to be the automotive partner of choice – the connecting point for our customer's mobility strategies."