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Stock Market & Financial Investment News

News Breaks
January 3, 2013
14:37 EDTVCVisteon CEO issues statement about HCC-Hyundai business
The following statement was issued by Timothy D. Leuliette, president and CEO of Visteon (VC) and Y.H. Park, president and CEO of Halla Climate Control, a Korea-based affiliate that is majority-owned by Visteon: "Certain recent media reports originating in Korea inaccurately characterized the state of the longtime successful business relationship between Halla Climate Control Corp. and Hyundai, and the strength of the overall HCC order book. HCC's order book with Hyundai, and with its overall customer base, continues to grow at a faster rate than the market we serve, and all indications are that this strong growth is expected to continue into the future. HCC's relationship with Hyundai remains strong and we expect it will be further strengthened with the integration of Visteon's climate business into HCC, which is targeted for completion in the first quarter of 2013. Furthermore, HCC expects to continue to grow its business globally as it invests and develops market-leading technologies widely desired by its customer base. HCC does not win 100 percent of Hyundai's climate business and does not participate in every Hyundai vehicle program; this would not be a realistic business model for any automaker with any supplier. HCC deeply values its ongoing relationship with Hyundai, as well as its ever-growing portfolio of customers, and will continue to deliver award-winning technologies, quality and value."
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March 27, 2015
08:33 EDTVCVisteon receives antitrust approvals for sale of interest in HVCC
Visteon announced that it has received all antitrust approvals required for the previously announced sale of its approximately 70% ownership interest in Halla Visteon Climate Control Corp. to an affiliate of Hahn & Company and Hankook Tire. The purchase price for the sale is 52,000 KRW/share of HVCC, less the fiscal 2014 dividend of 970 KRW/share. Following completion of the transaction, Visteon intends to return between $2.5B and $2.75B of cash to its shareholders through a structured series of actions including share buybacks and a special distribution, which could include a large return of capital as a primary component, minimizing taxes for shareholders. Visteon expects this series of actions to be completed within 12 months following the completion of the transaction. Visteon also announced that it has entered into an amendment and waiver to its credit agreement, dated as of April 9, 2014, with Citibank, N.A. as administrative agent, and certain lenders party thereto. The amendment, among other things, provides for certain changes to the credit agreement to account for Visteon's sale of its ownership interest in HVCC.
March 16, 2015
08:11 EDTVCVisteon announces CEO Timothy Leuliette to step down by end of 2015
Visteon announced President and CEO Timothy Leuliette's intention to transition out of the company by the end of 2015, upon the appointment of his successor. The board has retained executive search firm Spencer Stuart to evaluate candidates to succeed Leuliette.

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