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US car firm deal
Aug 30 2008 by Alistair Houghton, Liverpool Daily Post
US CAR components manufacturer Visteon has sold its Halewood plant to fellow US company International Automotive Components Group Europe (IAC).
The plant employs more than 150 people building dashboards, instrument panels and interior trim for the neighbouring Jaguar Land Rover plant which builds Jaguar X-Type cars and Land Rover Freelander 2 vehicles.
The value of the deal is not being disclosed, though Visteon said the plant had sales of around £82.4m in 2007 and “operated on close to a break-even basis”. Staff will transfer to IAC.
In July Visteon sold its Swansea chassis plant to Canadian company Linamar.
Visteon president and chief executive officer Donald J. Stebbins said: “The divestiture of our Halewood facility marks another important step in improving the financial performance of our UK operations.”
IAC is based in Dearborn, Michigan.
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