stocktrademan
10年前
$VC DD Notes ~ http://www.ddnotesmaker.com/VC
bullish
$VC recent news/filings
## source: finance.yahoo.com
Wed, 10 Sep 2014 14:11:12 GMT ~ Visteon Board Said to Weigh Splitting Electronics, Climate Units
read full: http://www.bloomberg.com/news/2014-09-10/visteon-board-said-to-weigh-splitting-electronics-climate-units.html?cmpid=yhoo
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Wed, 03 Sep 2014 15:56:00 GMT ~ Future Cadillacs to come with dual-standard wireless chargers
[at Engadget] - If you're thinking of buying a new Cadillac soon (congrats!) and you're also big on gadgets, you may want to keep an eye out for some specific models. Visteon, a car electronics supplier that conjured ...
read full: http://www.engadget.com/2014/09/03/cadillac-dual-standard-wireless-charger/?ncid=rss_truncated
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Wed, 03 Sep 2014 14:00:00 GMT ~ Visteon Presents a Deep Lineup of Activities at 2014 ITS World Congress in Detroit Sept. 7-11
[PR Newswire] - VAN BUREN TOWNSHIP, Mich., Sept. 3, 2014 /PRNewswire/ -- Visteon Corporation (NYSE: VC) will be highly involved in the 21 st World Congress on Intelligent Transport Systems (ITS) in Detroit, which brings ...
read full: http://finance.yahoo.com/news/visteon-presents-deep-lineup-activities-140000969.html
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Thu, 28 Aug 2014 14:00:00 GMT ~ Visteon Introduces Industry-First Dual Compatible In-Vehicle Wireless Charging System for General Motors
[PR Newswire] - VAN BUREN TOWNSHIP, Mich., Aug. 28, 2014 /PRNewswire/ -- Global automotive supplier Visteon Corporation (NYSE: VC) is debuting its first-to-market wireless charging system with General Motors. This unique ...
read full: http://finance.yahoo.com/news/visteon-introduces-industry-first-dual-140000502.html
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Mon, 25 Aug 2014 11:46:05 GMT ~ Visteon, ANN, Intel, ARM and Qualcomm highlighted as Zacks Bull and Bear of the Day
read full: http://finance.yahoo.com/news/visteon-ann-intel-arm-qualcomm-114605523.html
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$VC charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$VC company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/VC/company-info
Ticker: $VC
OTC Market Place: Not Available
CIK code: 0001111335
Company name: Visteon Corp.
Company website: http://www.visteon.com
Incorporated In: DE, USA
Business Description: We aspire to be the best in the world at partnering with our customer to provide innovative, high-quality products that deliver exceptional value.
$VC share structure
## source: otcmarkets.com
Market Value: $4,576,079,442 a/o Sep 09, 2014
Shares Outstanding: 43,983,847 a/o Jul 31, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$VC extra dd links
Company name: Visteon Corp.
Company website: http://www.visteon.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/VC/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/VC/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=VC+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=VC+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=VC+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/VC/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/VC/news - http://finance.yahoo.com/q/h?s=VC+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/VC/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/VC/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/VC/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/VC/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/VC/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/VC/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/VC/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/VC/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=VC+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/VC
DTCC (dtcc.com): http://search2.dtcc.com/?q=Visteon+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Visteon+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Visteon+Corp.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.visteon.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.visteon.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.visteon.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/VC/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/VC
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/VC/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/VC/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/VC/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001111335&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/VC/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/VC/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/VC/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/VC/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=VC&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=VC
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/VC/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=VC+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=VC+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=VC
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=VC
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=VC+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/VC/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=VC+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/VC.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=VC
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/VC/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/VC/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/VC/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/VC/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/VC
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/VC
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/VC:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=VC
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=VC
$VC DD Notes ~ http://www.ddnotesmaker.com/VC
jay1000
13年前
DEALTALK-Activist's nominees push for Visteon breakup 11/01 05:23 PM
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(For more Reuters DEALTALKs, click [ID:DEALTALK/]) * Board hires Goldman to evaluate breakup -sources
* Visteon (VC:$52.6600,$-2.9600,-5.32%) management has argued breakup hard to do -sources
* Smaller asset sales already under way, including lighting
* Visteon's (VC:$52.6600,$-2.9600,-5.32%) Halla stake in Korea essential in any breakup
By Soyoung Kim
Nov 1 (Reuters) - New directors nominated by an activist investor are leading a push to break up Visteon Corp (VC:$52.6600,$-2.9600,-5.32%) , even though the U.S. auto parts supplier's management has argued against such a move, people familiar with the situation said.
The directors, Harry Wilson and Kevin Dowd, were the driving force behind some of Visteon's (VC:$52.6600,$-2.9600,-5.32%) key decisions last month, including hiring Goldman Sachs (GS:$103.5400,$-6.0100,-5.49%) as a financial adviser and replacing the company's chief financial officer, according to these people.
They also took on key corporate strategy roles themselves on behalf of the 10-member board. Hedge fund Alden Global Capital nominated Wilson and Dowd, who are both restructuring specialists, to Visteon's (VC:$52.6600,$-2.9600,-5.32%) board in August.
Visteon (VC:$52.6600,$-2.9600,-5.32%) , the former parts affiliate of Ford Motor Co (F:$11.0800,$-0.6000,-5.14%) , has four different businesses: climate control, interiors, electronics and lighting.
But its stakes in South Korea'sHalla Climate Control Corp and China's Yanfeng Visteon Automotive Trim Systems are seen as its best assets. Analysts have estimated that these two Asian assets alone could be worth $3 billion to $4 billion, exceeding the roughly $3 billion market value of Visteon (VC:$52.6600,$-2.9600,-5.32%) .
The board, betting on the view that Visteon (VC:$52.6600,$-2.9600,-5.32%) has more value in pieces than as a whole, is now examining various options to break up the company, these sources said.
One strategy includes selling or spinning off Visteon's (VC:$52.6600,$-2.9600,-5.32%) 70 percent stake in Halla, as well as its 50 percent stake in Yanfeng, these people said.
Another option would see Visteon (VC:$52.6600,$-2.9600,-5.32%) sell most of its assets except Halla to become a pure-play climate control supplier with strong exposure to fast-growing South Korean automakers, they said. Halla makes air conditioning and heating systems for vehicles and counts Hyundai Motor Co and Kia Motors Corp as its major customers.
A Visteon (VC:$52.6600,$-2.9600,-5.32%) spokesman said: "The board is unified in its desire to have Visteon (VC:$52.6600,$-2.9600,-5.32%) succeed and is aligned with the management in its commitment to deliver to shareholders."
Wilson, who advised the Obama administration on the 2009 bankruptcy restructuring of General Motors Co (GM:$23.3300,$-2.5200,-9.75%) , and Dowd did not immediately return calls for comment. Alden declined to comment.
Visteon (VC:$52.6600,$-2.9600,-5.32%) is one of scores of auto suppliers that went bankrupt in the last few years only to emerge in the hands of hedge funds and distressed investors. A stalled recovery in U.S. auto sales and the economy has made it tough for some of the short-term investors to cash out of their investments.
Other auto suppliers such as Cooper Standard Holdings Inc (COSH:$41.00,00$0.00,000.00%) and Federal Mogul (FDML:$15.95,00$-0.91,00-5.40%) tried to sell this year but failed as financing remained challenging, while Wilbur Ross' auto company, International Automotive Components Group, has postponed a public offering initially targeted for 2011.
Visteon (VC:$52.6600,$-2.9600,-5.32%) management has previously argued against a breakup of the company, and instead put its smaller lighting business, which accounts for less than 10 percent of revenue, on the block earlier this summer, the sources said.
Visteon's (VC:$52.6600,$-2.9600,-5.32%) long-time financial adviser Rothschild has been advising on the lighting business sale and is now also helping the company review a potential sale of other low-margin businesses such as interiors, the people said.
But Wilson, Dowd and some other directors are asking for a more radical solution, the sources said. While not all board members have the same view, there is broad acknowledgment that the company in its current form is not creating value for shareholders, the sources said.
TOUGH SELL
Visteon (VC:$52.6600,$-2.9600,-5.32%) management has long maintained that a breakup would not work because its businesses are closely intertwined and selling either Yanfeng or Halla would be a challenge, Reuters has previously reported. [ID:nN1E7670GX]
If Visteon (VC:$52.6600,$-2.9600,-5.32%) elects to sell its stake in Yanfeng to a third party, its joint venture partner SAIC Motor Corp has the right of first refusal to buy it back on the same terms offered to the outside party.
Selling its Halla stake -- or buying out its partner -- is also difficult because such a deal would require consent from the unit's top automaker customer, Hyundai Motor Co , the sources said. Hyundai relies on Halla for 75 percent of its air-conditioning and heating system needs.
One of the sources said Halla's reliance on Hyundai makes for a complicated deal. Any buyer would risk Hyundai taking its business elsewhere unless the South Korean automaker backs the buyer, the source said.
"The challenge for any buyer is to make that judgment," the source said, adding that the only realistic buyer for Halla might be a South Korean-based party backed by Hyundai.
Meanwhile, Visteon's (VC:$52.6600,$-2.9600,-5.32%) lighting and interiors might draw only limited interest as most interiors suppliers are suffering weak margins and not looking to expand there.
Any deal is unlikely to bring in any material proceeds but would signal that Visteon (VC:$52.6600,$-2.9600,-5.32%) is moving into a simpler corporate structure -- a positive for investors, sources said. (Reporting by Soyoung Kim, additional reporting by Paritosh Bansal, editing by Matthew Lewis)
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Get more news on:SYMBOLS: VC, F, GS, GM, COSH, FDML NEWS TYPE: Market Headlines, Corporate Events, Corporate Events: Mergers and Acquisitions SECTORS: Consumer Discretionary, Automobiles, Auto Components, Financials, Capital Markets
jay1000
13年前
Visteon CEO hints at breakup but mum on details 07/27 03:05 PM
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* Same 4 business lines unlikely in 3 years' time -CEO
* Not "value-enhancing" to pre-announce sale plans -CEO
By Clare Baldwin
DETROIT, July 27 (Reuters) - The chief executive officer of auto parts supplier Visteon Corp (VC:$65.4500,$-2.3700,-3.49%) hinted at plans to break up the company on Wednesday, but declined to give details, saying disclosure would hurt any potential deal.
"As we look out over a three-year horizon ... I would be surprised if the product portfolio is the same as it is today," CEO Don Stebbins said during the question and answer period of the company's investor day.
He later added that the time to announce a business is for sale is once it's sold. "I don't think it's a value-enhancing proposition to announce today that X, Y, Z business is going to be sold," he said in response to a question about what businesses Visteon (VC:$65.4500,$-2.3700,-3.49%) wants to stay in and when it wants to be out of others.
Investors, including hedge fund Alden Global Capital, have called for a breakup, arguing that the company is more valuable in parts than as a whole. [ID:nN1E7670GX]
Any direct statements about a potential sale would disrupt customer relationships and would create difficulties for both the seller and the buyer, Stebbins said.
"Customers will also enter into the fray as to who they think should be the ultimate buyer," he said. "I think it creates a significant difficulty in terms of valuation."
Visteon (VC:$65.4500,$-2.3700,-3.49%) has interiors, climate control, electronics and lighting units businesses. Management has said previously that it would be costly and complicated to disentangle them.
Based in Van Buren Township, Michigan, Visteon (VC:$65.4500,$-2.3700,-3.49%) is one of nearly 50 U.S. auto parts suppliers that went bankrupt during the financial crisis.
The former Ford Motor Co subsidiary emerged from bankruptcy with hedge funds and other short-term investors as owners. It avoided a proxy fight with Alden in May by agreeing to give the hedge fund two board seats.
Visteon (VC:$65.4500,$-2.3700,-3.49%) shares were down 3.4 percent at $65.51 in afternoon trading on the New York Stock Exchange. (Reporting by Clare Baldwin; Editing by Gary Hill)
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Get more news on:SYMBOLS: VC, F NEWS TYPE: SECTORS:
jay1000
13年前
NEW BATTLE? - DEALTALK-Visteon faces breakup pressure as stock lags 07/08 10:32 AM
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(For more Reuters DEALTALKS, click [DEALTALK/])
* Visteon's (VC:$67.3400,$1.4400,2.19%) $3.5 bln market value seen below sum of parts
* Shareholders believe breakup could unlock value-sources
* Yanfeng, Halla JVs in Asia may see robust buyer interest
* Execs rejected breakup argument, eye full Halla control
By Soyoung Kim and Deepa Seetharaman
NEW YORK/DETROIT, July 8 (Reuters) - A Visteon Corp (VC:$67.3400,$1.4400,2.19%) hedge fund shareholder that will get two board seats soon has been pushing to break up the U.S. auto parts supplier, betting the company has more value in pieces than as a whole, people close to the situation said.
Visteon's (VC:$67.3400,$1.4400,2.19%) management previously rejected calls for a breakup by the shareholder, Alden Global Capital, and other hedge fund investors, arguing its businesses are closely intertwined and it would be costly and complicated to split up and sell those businesses, these people said.
Visteon (VC:$67.3400,$1.4400,2.19%) , a former Ford Motor Co subsidiary, is among nearly 50 U.S. auto parts suppliers that went bankrupt during the financial crisis only to emerge under the ownership of hedge funds and distressed-sector investors that typically do not own firms for the long-term.
As the auto industry rebounds from its recession lows, these funds have seen the value of their investments rise substantially and are now looking to take the profits home.
Visteon (VC:$67.3400,$1.4400,2.19%) , which has four different business lines, is seen as more vulnerable to breakup pressure than more streamlined rivals such as Lear Corp (LEA:$53.26,00$0.6400,1.22%) and Dana Holding Corp (DAN:$18.44,00$0.4300,2.39%) , which also have a temporary ownership base after emerging from bankruptcy.
Visteon (VC:$67.3400,$1.4400,2.19%) has a market value of about $3.5 billion -- far less than what many shareholders believe the company's various pieces could add up to. Visteon's (VC:$67.3400,$1.4400,2.19%) two lucrative Asian assets alone could be worth $3 billion to $4 billion, analysts said.
The diversified structure is weighing on the company's shares, which are down 8 percent so far this year since the stock started trading on the New York Stock Exchange on Jan. 10. It trades at below 4 times enterprise value to estimated 2012 earnings before interest, tax, depreciation and amortization (EBITDA), versus the North American auto supplier sector average of 5.6 times tracked by Morgan Stanley.
The Van Buren Township, Michigan-based company avoided a proxy fight with Alden Global Capital in May by agreeing to give the Cayman Islands-based hedge fund board seats. The two nominees are set to join the board in August.
"I don't think the new board members are going to force anything to happen right away, but they will have the voice and their voice will be heard," one of the sources said.
Representatives for Visteon (VC:$67.3400,$1.4400,2.19%) declined to comment, and so did Alden, which owns a 1.8 percent stake in Visteon (VC:$67.3400,$1.4400,2.19%) . All the other sources declined to be named because they were not authorized to speak with the media.
COVETED ASSETS
"Visteon (VC:$67.3400,$1.4400,2.19%) is still kind of a company with a lot of different companies in itself," a second source said, referring to its interiors, climate control, electronics and lighting units. "If you look at other suppliers that concentrate on particular areas, they are more profitable than Visteon (VC:$67.3400,$1.4400,2.19%) as a whole."
Among Visteon's (VC:$67.3400,$1.4400,2.19%) coveted assets is its 50 percent stake in Yanfeng Visteon Automotive Trim Systems, a Chinese supplier of interiors and seating in which Chinese automaker SAIC Motor Corp owns the other 50 percent stake.
UBS analyst Colin Langan estimated the value of that stake at more than $1.4 billion, while JPMorgan analyst Himanshu Patel said the stake could fetch $2.3 billion for Visteon (VC:$67.3400,$1.4400,2.19%) if it is sold for 12 times 2012 estimated earnings.
Another crown jewel for Visteon (VC:$67.3400,$1.4400,2.19%) is its 70 percent stake in Halla Climate Control Corp , a South Korean maker of air conditioning for vehicles that primarily supplies to fast-growing South Korean automakers Hyundai Motor Co (HYMLF:$220.3597,$0.0000,0.00%) and Kia Motors Corp (KIMTF:$62.5000,$0.0000,0.00%) .
At Halla's market value of around $2.6 billion, Visteon's (VC:$67.3400,$1.4400,2.19%) stake is worth about $1.8 billion.
Finding a single buyer for the whole company could be a challenge as suppliers do not want to buy into areas they are not already in, analysts and bankers said. But it could attract robust interest if parts are sold separately, they said.
SHAREHOLDER VALUE
Diversified industrial conglomerate Johnson Controls (JCI:$41.048,0$-0.0920,-0.22%) unsuccessfully bid for Visteon's (VC:$67.3400,$1.4400,2.19%) interiors and electronics units -- including Yanfeng -- in May 2010, when the supplier was in bankruptcy. But it did not offer to buy the rest of the company, such as climate control assets.
JPMorgan's Patel said in a June 8 note that Johnson Controls (JCI:$41.048,0$-0.0920,-0.22%) could still be interested in Yanfeng and also named Lear and France's Faurecia as possible bidders.
Another French supplier Valeo and Delphi Automotive could be potentially interested in Visteon's (VC:$67.3400,$1.4400,2.19%) climate control business that includes Halla, analysts said.
Selling its lighting and struggling interior trim business, which has a large exposure to Europe, would also help boost Visteon's (VC:$67.3400,$1.4400,2.19%) multiple, Patel wrote. He forecast there would likely be multiple transactions over the next two to three years.
At an industry conference last month, Visteon (VC:$67.3400,$1.4400,2.19%) Chief Financial Officer William Quigley said the company sees Halla as a "cornerstone" of its climate business and indicated it could consider buying out the 30 percent stake in Halla it does not already own.
People close to the situation added that the management would like to make Visteon (VC:$67.3400,$1.4400,2.19%) a pure play climate control company focused on Halla, but would be open to divesting other businesses.
Visteon (VC:$67.3400,$1.4400,2.19%) , however, has been slow to initiate asset sales partly because with some $830 million of cash and cash equivalents on hand, it does not need the proceeds, they said.
"They've got adequate, even ample liquidity," a third source said. "It's really the question of shareholder value." (Reporting by Soyoung Kim and Deepa Seetharaman, editing by Dave Zimmerman)
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Get more news on:SYMBOLS: VC, JCI, F, LEA, DAN, HYMLF, KIMTF NEWS TYPE: Corporate Events, Corporate Events: Mergers and Acquisitions SECTORS: Consumer Discretionary, Automobiles, Auto Components, Industrials, Industrial Conglomerates
jay1000
13年前
DEALTALK-Visteon faces breakup pressure as stock lags 07/08 10:32 AM
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(For more Reuters DEALTALKS, click [DEALTALK/])
* Visteon's (VC:$68.760002,$-0.659996,-0.95%) $3.5 bln market value seen below sum of parts
* Shareholders believe breakup could unlock value-sources
* Yanfeng, Halla JVs in Asia may see robust buyer interest
* Execs rejected breakup argument, eye full Halla control
By Soyoung Kim and Deepa Seetharaman
NEW YORK/DETROIT, July 8 (Reuters) - A Visteon Corp (VC:$68.760002,$-0.659996,-0.95%) hedge fund shareholder that will get two board seats soon has been pushing to break up the U.S. auto parts supplier, betting the company has more value in pieces than as a whole, people close to the situation said.
Visteon's (VC:$68.760002,$-0.659996,-0.95%) management previously rejected calls for a breakup by the shareholder, Alden Global Capital, and other hedge fund investors, arguing its businesses are closely intertwined and it would be costly and complicated to split up and sell those businesses, these people said.
Visteon (VC:$68.760002,$-0.659996,-0.95%) , a former Ford Motor Co subsidiary, is among nearly 50 U.S. auto parts suppliers that went bankrupt during the financial crisis only to emerge under the ownership of hedge funds and distressed-sector investors that typically do not own firms for the long-term.
As the auto industry rebounds from its recession lows, these funds have seen the value of their investments rise substantially and are now looking to take the profits home.
Visteon (VC:$68.760002,$-0.659996,-0.95%) , which has four different business lines, is seen as more vulnerable to breakup pressure than more streamlined rivals such as Lear Corp (LEA:$53.42,00$-1.1900,-2.18%) and Dana Holding Corp (DAN:$18.37,00$-0.5300,-2.80%) , which also have a temporary ownership base after emerging from bankruptcy.
Visteon (VC:$68.760002,$-0.659996,-0.95%) has a market value of about $3.5 billion -- far less than what many shareholders believe the company's various pieces could add up to. Visteon's (VC:$68.760002,$-0.659996,-0.95%) two lucrative Asian assets alone could be worth $3 billion to $4 billion, analysts said.
The diversified structure is weighing on the company's shares, which are down 8 percent so far this year since the stock started trading on the New York Stock Exchange on Jan. 10.
It trades at below 4 times enterprise value to estimated 2012 earnings before interest, tax, depreciation and amortization (EBITDA), versus the North American auto supplier sector average of 5.6 times tracked by Morgan Stanley.
The Van Buren Township, Michigan-based company avoided a proxy fight with Alden Global Capital in May by agreeing to give the Cayman Islands-based hedge fund board seats. The two nominees are set to join the board in August.
"I don't think the new board members are going to force anything to happen right away, but they will have the voice and their voice will be heard," one of the sources said.
Representatives for Visteon (VC:$68.760002,$-0.659996,-0.95%) declined to comment, and so did Alden, which owns a 1.8 percent stake in Visteon (VC:$68.760002,$-0.659996,-0.95%) . All the other sources declined to be named because they were not authorized to speak with the media.
COVETED ASSETS
"Visteon (VC:$68.760002,$-0.659996,-0.95%) is still kind of a company with a lot of different companies in itself," a second source said, referring to its interiors, climate control, electronics and lighting units. "If you look at other suppliers that concentrate on particular areas, they are more profitable than Visteon (VC:$68.760002,$-0.659996,-0.95%) as a whole."
Among Visteon's (VC:$68.760002,$-0.659996,-0.95%) coveted assets is its 50 percent stake in Yanfeng Visteon Automotive Trim Systems, a Chinese supplier of interiors and seating in which Chinese automaker SAIC Motor Corp owns the other 50 percent stake.
UBS analyst Colin Langan estimated the value of that stake at more than $1.4 billion, while JPMorgan analyst Himanshu Patel said the stake could fetch $2.3 billion for Visteon (VC:$68.760002,$-0.659996,-0.95%) if it is sold for 12 times 2012 estimated earnings.
Another crown jewel for Visteon (VC:$68.760002,$-0.659996,-0.95%) is its 70 percent stake in Halla Climate Control Corp , a South Korean maker of air conditioning for vehicles that primarily supplies to fast-growing South Korean automakers Hyundai Motor Co (HYMLF:$220.3597,$0.0000,0.00%) and Kia Motors Corp (KIMTF:$62.5000,$0.0000,0.00%) .
At Halla's market value of around $2.6 billion, Visteon's (VC:$68.760002,$-0.659996,-0.95%) stake is worth about $1.8 billion.
Finding a single buyer for the whole company could be a challenge as suppliers do not want to buy into areas they are not already in, analysts and bankers said. But it could attract robust interest if parts are sold separately, they said.
SHAREHOLDER VALUE
Diversified industrial conglomerate Johnson Controls (JCI:$41.8400,$-0.8700,-2.04%) unsuccessfully bid for Visteon's (VC:$68.760002,$-0.659996,-0.95%) interiors and electronics units -- including Yanfeng -- in May 2010, when the supplier was in bankruptcy. But it did not offer to buy the rest of the company, such as climate control assets.
JPMorgan's Patel said in a June 8 note that Johnson Controls (JCI:$41.8400,$-0.8700,-2.04%) could still be interested in Yanfeng and also named Lear and France's Faurecia as possible bidders.
Another French supplier Valeo and Delphi Automotive could be potentially interested in Visteon's (VC:$68.760002,$-0.659996,-0.95%) climate control business that includes Halla, analysts said.
Selling its lighting and struggling interior trim business, which has a large exposure to Europe, would also help boost Visteon's (VC:$68.760002,$-0.659996,-0.95%) multiple, Patel wrote. He forecast there would likely be multiple transactions over the next two to three years.
At an industry conference last month, Visteon (VC:$68.760002,$-0.659996,-0.95%) Chief Financial Officer William Quigley said the company sees Halla as a "cornerstone" of its climate business and indicated it could consider buying out the 30 percent stake in Halla it does not already own.
People close to the situation added that the management would like to make Visteon (VC:$68.760002,$-0.659996,-0.95%) a pure play climate control company focused on Halla, but would be open to divesting other businesses.
Visteon (VC:$68.760002,$-0.659996,-0.95%) , however, has been slow to initiate asset sales partly because with some $830 million of cash and cash equivalents on hand, it does not need the proceeds, they said.
"They've got adequate, even ample liquidity," a third source said. "It's really the question of shareholder value." (Reporting by Soyoung Kim and Deepa Seetharaman, editing by Dave Zimmerman)
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jay1000
13年前
<<"Visteon is worth $90 a share, or 45 percent more than its price yesterday, according to Westwood Holdings Group Inc.">>
BLOOMBERG - Visteon in China Means Earnings Are Free in Auto-Parts Takeover: Real M&A
By Mark Clothier and Tara Lachapelle - Jun 16, 2011
Visteon Corp. is so cheap that the auto-parts supplier is offering potential acquirers its earnings for free.
http://www.bloomberg.com/news/2011-06-16/visteon-in-china-means-earnings-are-free-in-auto-parts-takeover-real-m-a.html?cmpid=yhoo
Visteon fell 16 percent this year through yesterday, leaving the Van Buren Township, Michigan-based company with $3.17 billion in market capitalization. That’s now less than the combined value of its stakes including Halla Climate Control Corp. (018880) and Yanfeng Visteon Automotive Trim Systems Co., according to data compiled by Bloomberg. Its 50 percent holding in Yanfeng alone may sell for $1.4 billion, based on the median earnings multiple for comparable auto-parts producers, the data show.
While Visteon exited bankruptcy in October and has the lowest operating margin of any auto-parts maker in the world, it may attract Johnson Controls Inc. (JCI) and Valeo SA (FR), UBS AG said. A buyer would gain Visteon’s venture in China, the world’s biggest auto market, and earnings that analysts project will increase 25 percent in 2013.
Based on the value of all its businesses, Visteon is worth $90 a share, or 45 percent more than its price yesterday, according to Westwood Holdings Group Inc.
“If Visteon could get a competitive situation going, they could do very well,” said Kirk Ludtke, an automotive analyst at Stamford, Connecticut-based CRT Capital Group LLC. “Just about all the major suppliers are trying to boost their exposure to China. Assets of the scale and quality of Yanfeng and Halla rarely change hands.”
Sum of Parts
Jim Fisher, a spokesman for Visteon, declined to comment, as did Paul Mason at Johnson Controls. Sylvie Delion, a spokeswoman at Valeo, didn’t immediately return a telephone call or e-mail message left outside normal business hours.
Visteon, spun off from Ford Motor Co. (F) in June 2000, makes heating and air-conditioning systems, instrument panels and clusters. It counts Hyundai Motor Co. (005380) of Seoul and Dearborn, Michigan-based Ford among its biggest customers.
While Visteon has gained 25 percent since returning as a publicly traded company last year, the shares have slumped since reaching a high of $75.75 in January. After falling to an eight- month low last week, Visteon has rallied in the past three days as speculation increased it may become a takeover target. The stock closed at $62.06 yesterday.
At that level, Visteon is now cheaper than the sum of its parts, according to data compiled by Bloomberg. Visteon’s 70 percent stake in Halla Climate, the Daejeon, South Korea-based maker of air conditioning systems in cars, is valued at $1.63 billion, or about $32 a share, the data show.
‘Left for Dead’
Visteon also owns half of Shanghai-based Yanfeng, which earned $218 million in net income last year. Based on the median price-earnings ratio of 12.7 times for auto-parts suppliers with market values over $1 billion, Visteon’s venture with China’s largest carmaker, SAIC Motor Corp., may be worth as much as $27 a share, the data show.
Together with its other non-consolidated affiliates, the stakes are valued at about $68 a share, or $6 more than Visteon’s price yesterday. That means investors are undervaluing the business as a whole, according to Grant Taber, a Dallas- based money manager at Westwood Holdings, which manages $13.9 billion. Using his own sum-of-the-parts calculation, Taber estimates that Visteon could be worth as much as $90 a share.
“You’ve got an opportunity to potentially loosen things up by selling parts or the whole or breaking it up,” said Taber, whose firm was among Visteon’s 10 biggest shareholders as of March, according to data compiled by Bloomberg. “Based on the sum of the parts, it could be a reason they would want to sell. It’s being left for dead right now on a valuation basis.”
Financial Analysis
Today, Visteon rose 3.8 percent to $64.42 as of 10:42 a.m. in New York. The advance was the biggest in three months.
Taber says Visteon can cut more costs to boost its profits. The company earned less than a penny in operating income for each dollar of sales in the past 12 months, the lowest among auto-parts makers with more than $1 billion in value, the data show. The median supplier had a margin of 7.22 percent.
Profitability will also increase as Visteon wins back more customers, he said. Once the second-largest U.S. maker of auto parts, Visteon emerged from bankruptcy last October after filing for protection from creditors in May 2009.
The former division of Ford was hobbled by its labor costs, the faltering economy and slowing auto sales.
There’s an “opportunity for Visteon to expand margins to peer levels as management begins to run the company for growth rather than with the goal of bankruptcy,” Colin Langan, a New York-based analyst at UBS, wrote in a note to clients yesterday. Visteon is a “solid takeout candidate,” he said.
Clean Slate
While the company once relied on sales to Ford, Visteon now gets about 40 percent of its revenue from Asia, data compiled by Bloomberg show. Including results from unconsolidated joint ventures, Visteon gets 56 percent of its sales from the region.
Bankruptcy also helped rid Visteon of most of its debt. The company now has more net cash than any U.S. auto-parts supplier except Southfield, Michigan-based Lear Corp., the data show.
“This company is in far better shape balance sheet-wise coming out of bankruptcy,” said Dan Veru, chief investment officer at Fort Lee, New Jersey-based Palisade Capital Management LLC, which oversees $3.8 billion. “They are addressing the emerging markets. That’s where the big growth is. There’s clearly value there.”
Visteon’s businesses in Asia may entice buyers that want a larger foothold in China. Almost 16 million vehicles were sold in China last year, more than double the number in 2007, according to data compiled by Bloomberg Industries. In the U.S., unit sales fell by 28 percent over the same period.
Potential Buyers
Johnson Controls, the largest U.S. auto supplier, is the most likely candidate to buy Visteon, said Jeff Bencik, a New York-based analyst at Kaufman Bros. LP. Milwaukee-based Johnson Controls could take advantage of Visteon’s presence in Asia, while adding products it doesn’t currently sell, he said.
“It’s a natural augmentation of what they do already,” Bencik said. “This would expand their reach into the automotive supplying of the business. It certainly makes a lot of sense.”
Visteon’s Yanfeng venture more than doubled sales in the last two years and tripled profit, according to the company’s annual report.
Johnson Controls has already tried to buy Visteon’s interiors and electronics businesses while the company was in bankruptcy protection last year. Visteon turned down the unsolicited $1.25 billion bid, it said in June 2010.
Valeo, France’s second largest car-parts supplier, could look to purchase Visteon for its Halla Climate business, according to UBS’s Langan. Paris-based Valeo said in March that it was ready to make acquisitions to boost growth and sees opportunities to win more Asian business.
“We’re seeing suppliers looking at strategic acquisitions,” said Mike Wall, an analyst for IHS Automotive. In emerging markets, “they’re really looking to take advantage of those growth rates” in economies such as China, he said.
To contact the reporters on this story: Mark Clothier in Southfield, Michigan, at mclothier@bloomberg.net; Tara Lachapelle in New York at tlachapelle@bloomberg.net.
To contact the editors responsible for this story: Daniel Hauck at dhauck1@bloomberg.net; Katherine Snyder at ksnyder@bloomberg.net; Jamie Butters at jbutters@bloomberg.net.
jay1000
14年前
Visteon Awarded 2011 Toyota Global Technology & Development Award
Visteon partnered with Toyota to lead technology innovation 05/17 09:00 AM
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YOKOHAMA, Japan, May 17, 2011 /PRNewswire/ -- Visteon Corporation (VC:$61.0000,$-2.4200,-3.82%) received the "Technology & Development Award" from Toyota (TM:$82.2100,$-1.1700,-1.40%) at its recent 2011 Suppliers Convention in Nagoya, Japan. The award recognizes noise-reduction technology as applied to a low-cost fuel pump controller (FPC). Co-developed with Toyota (TM:$82.2100,$-1.1700,-1.40%) , the technology is considered a breakthrough in the global automobile industry and is currently patent pending.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )
The Technology & Development Award recognizes suppliers who have greatly contributed to boosting the product appeal of Toyota (TM:$82.2100,$-1.1700,-1.40%) vehicles by developing world-leading new technologies and products. After strict evaluation, the prestigious award is presented to a select number of suppliers every year.
"We are extremely pleased to be recognized by Toyota (TM:$82.2100,$-1.1700,-1.40%) as a top innovator and technology leader," said Donald J. Stebbins, Visteon (VC:$61.0000,$-2.4200,-3.82%) chairman, chief executive officer and president. "We continue to focus on partnering with our customers to create exceptional value."
FPC is an electronic module that controls the speed of the fuel pump according to the driving situation, to ultimately improve the fuel efficiency of the vehicle. By utilizing a proprietary printed wire board topology with a high-frequency direct current - direct current converter circuit, Visteon (VC:$61.0000,$-2.4200,-3.82%) is able to significantly reduce the radiated electromagnetic noise of the FPC. This innovation also results in reduced weight, size and design complexity, and contributes to fuel economy through cost-effective application of the FPC for improved efficiency of the fuel pump system. The core technology can be applied to virtually all types of motor control systems, including those in electric/hybrid vehicles.
The high-quality FPC using this innovative noise reduction technology has been launched on Toyota (TM:$82.2100,$-1.1700,-1.40%) 's multiple vehicle models in the Japan and U.S. markets.
Visteon (VC:$61.0000,$-2.4200,-3.82%) is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation (VC:$61.0000,$-2.4200,-3.82%)
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jay1000
14年前
Visteon Presents Automotive Solutions for China Market at Auto Shanghai 2011
Global Automotive Supplier Demonstrates Capabilities in Climate, Electronics, Interiors and Lighting 04/20 07:00 AM
SHANGHAI, April 20, 2011 /PRNewswire/ -- Visteon Corporation (VC:$66.6100,$2.1100,3.27%) is showcasing innovative automotive products and technologies for the China market at the 14th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2011). Visteon (VC:$66.6100,$2.1100,3.27%) 's exhibit at Hall W4, E005 highlights the global automotive supplier's range of climate, electronics, interior and lighting capabilities.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )
"We are pleased to participate at Auto Shanghai 2011 to demonstrate Visteon (VC:$66.6100,$2.1100,3.27%) technologies and products that are particularly relevant for the China market," said Donald J. Stebbins, chairman, chief executive officer and president. "China is a very important market for Visteon (VC:$66.6100,$2.1100,3.27%) and many of the vehicles on display at this show feature our products. Visteon (VC:$66.6100,$2.1100,3.27%) and our affiliates operate 28 manufacturing, engineering and sales facilities in this country and we expect China to continue to be a key growth driver in the future."
Visteon (VC:$66.6100,$2.1100,3.27%) is highlighting its broad product portfolio through technology demonstration vehicles. The Growth Market Car and Bike showcase innovative solutions, focused on modularity and scalability, for small cars and motorcycles in growth markets including China. The Growth Market Car has drawn positive reviews from vehicle manufacturers and media at recent showings in North America, Japan and India, while the Growth Market Bike is making its worldwide debut at Auto Shanghai 2011. Both are part of the Growth Market Project, a collaboration between Visteon (VC:$66.6100,$2.1100,3.27%) and 3M.
Also on display is the "C-Beyond" technology demonstration vehicle ? featuring more than 40 innovative products in infotainment and connectivity, climate, interior systems and exterior lighting. The C-Beyond highlights technologies that bring connectivity and sustainability to C-car segment vehicles, helping auto manufacturers "see beyond" the conventional role of the vehicle to enhance the experience for the driver and passengers.
In addition to these in-vehicle demonstrations, visitors to Visteon (VC:$66.6100,$2.1100,3.27%) 's exhibit will also experience:
Innovations in vehicle cockpit electronics and human machine interaction;
A broad automotive thermal management portfolio featuring "green" climate control systems and components suitable for electric and new energy vehicles;
Leading processes for creating comfortable and functional interiors; and
Visteon (VC:$66.6100,$2.1100,3.27%) 's ability to blend advanced styling and technology in vehicle lighting.
The solutions on display at Auto Shanghai 2011 bring to light Visteon (VC:$66.6100,$2.1100,3.27%) 's broad capabilities – from serving small-car segments with cost-effective technology and packaging, to supporting high-end segments with advanced technologies. Visteon (VC:$66.6100,$2.1100,3.27%) 's highly regarded "automotive intellect" enables it to devise integrated solutions that can help automakers differentiate their vehicles.
Visteon Corporation (VC:$66.6100,$2.1100,3.27%) is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation (VC:$66.6100,$2.1100,3.27%)
Get more news on:SYMBOLS: VCNEWS TYPE: SECTORS: Automobiles, Auto Components, Consumer Discretionary
jay1000
14年前
VISTEON Moves to the NYSE - New symbol will be VC
Visteon to Trade on New York Stock Exchange under Symbol VC 01/07 08:30 AM
VAN BUREN TOWNSHIP, Mich., Jan. 7, 2011 /PRNewswire/ -- Visteon Corporation (VSTO:$72.15,00$0.80,001.12%) announced today that its common stock will begin trading on the New York Stock Exchange under the symbol "VC" on Jan. 10, 2011. Â
"Our listing on the world's most prominent stock exchange is a significant milestone for Visteon (VSTO:$72.15,00$0.80,001.12%) ," said Donald J. Stebbins, Visteon (VSTO:$72.15,00$0.80,001.12%) chairman, chief executive officer and president. "With our strong customer relationships, competitive cost structure, diverse product offering and global footprint, Visteon (VSTO:$72.15,00$0.80,001.12%) is well-positioned to deliver long-term shareholder value."
Visteon (VSTO:$72.15,00$0.80,001.12%) emerged from bankruptcy under Chapter 11 on Oct. 1, 2010, following a 16-month reorganization process during which the company restructured its capital structure, de-leveraging its balance sheet by more than $2 billion.
Visteon (VSTO:$72.15,00$0.80,001.12%) is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation (VSTO:$72.15,00$0.80,001.12%)
Get more news on:SYMBOLS: VSTONEWS TYPE: SECTORS: Automobiles, Auto Components, Consumer Discretionary
jay1000
14年前
Visteon and 3M Unveil New Demonstration Vehicle Targeted at Growth Markets 01/06 01:30 PM
LAS VEGAS, Jan. 6, 2011 /PRNewswire/ -- Visteon Corporation (VSTO:$72.10,00$0.75,001.05%) and 3M (MMM:$86.07,00$-0.6000,-0.69%) today introduced a new technology demonstration vehicle targeted at consumers in global growth markets such as Asia, Eastern Europe and South America. Technologies demonstrated on this vehicle include Visteon (VSTO:$72.10,00$0.75,001.05%) innovations in electronics, lighting, interiors and climate, as well as an array of 3M (MMM:$86.07,00$-0.6000,-0.69%) products and solutions.
(Logo: http://photos.prnewswire.com/prnh/20001201/DEF008LOGO )
The vehicle was unveiled during a media event at the 2011 International Consumer Electronics Show (CES) in Las Vegas. Visteon (VSTO:$72.10,00$0.75,001.05%) 's exhibit is located in the Central Plaza (CP20), outside the Las VegasConvention Center. CES runs through Sunday, Jan. 9.
"Together, Visteon (VSTO:$72.10,00$0.75,001.05%) and 3M (MMM:$86.07,00$-0.6000,-0.69%) conducted extensive research to better identify the mobility wants and needs of today's consumers in growth markets," explained Tim Yerdon, Visteon (VSTO:$72.10,00$0.75,001.05%) global director of innovation and design. "New automotive solutions were born from these findings and integrated into this technology demonstration property to share with automakers, so they can consider implementing these technologies in future models."
Representatives from both companies observed drivers in target markets and how they interacted with their vehicles, then entered in dialogue regarding their driving experience. Workshops were also held to gauge the consumer's sense of perceived quality. Output from this research resulted in an outline for the Growth Market Project, yielding a compilation of technologies considered by target consumers as having high value and quality, and designed to reflect local needs.
"While this project encompasses all product areas at Visteon (VSTO:$72.10,00$0.75,001.05%) , we elected to unveil this demonstration vehicle at CES for its unique implementation of cockpit electronics technologies," explained Yerdon. "CES is the premier electronics-based event where Visteon (VSTO:$72.10,00$0.75,001.05%) can engage customers, technology partners and suppliers in a single venue."
Local Visteon (VSTO:$72.10,00$0.75,001.05%) experts in various growth regions provided insights to ensure that the project's styling, design and features appeal to emerging market consumers while offering maximum customization. The modular design offers consumers a vehicle with key features that can be tailored to meet their driving needs and preferences. For instance, the instrument panel can be full-size for improved styling, or two-thirds of normal size to increase available storage space.
Dr. Steven Vander Louw, global technical director, 3M Automotive Division, stated, "We're pleased to be a part of this exciting project. The research and analysis portion of 3M (MMM:$86.07,00$-0.6000,-0.69%) and Visteon (VSTO:$72.10,00$0.75,001.05%) 's ongoing collaborative relationship leverages the strengths of both companies, and results in more relevant applications of technologies to target markets."
For more information about this technology demonstration concept, visit: www.visteon.com/innovate/growthmarket.
This is the second major collaboration between Visteon (VSTO:$72.10,00$0.75,001.05%) and 3M (MMM:$86.07,00$-0.6000,-0.69%) on technology demonstration vehicles. The initial project in 2008 yielded two solution-based retrofitted prototype vehicles that addressed six social trends: comfort, connectivity, convenience, health, flexibility (individualism) and sensory. Read more about Visteon (VSTO:$72.10,00$0.75,001.05%) and 3M (MMM:$86.07,00$-0.6000,-0.69%) technologies at www.visteon.com/innovate/xwave.
About Visteon (VSTO:$72.10,00$0.75,001.05%)
Visteon Corporation (VSTO:$72.10,00$0.75,001.05%) is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
About 3M (MMM:$86.07,00$-0.6000,-0.69%)
A recognized leader in research and development, 3M (MMM:$86.07,00$-0.6000,-0.69%) produces thousands of innovative products for dozens of diverse markets. 3M (MMM:$86.07,00$-0.6000,-0.69%) 's core strength is applying its more than 40 distinct technology platforms -- often in combination -- to a wide array of customer needs. With $23 billion in sales, 3M (MMM:$86.07,00$-0.6000,-0.69%) employs 75,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3M.com or follow @3MNews on Twitter.
SOURCE Visteon Corporation (VSTO:$72.10,00$0.75,001.05%)
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