Visteon Corporation has reached an agreement to sell its 50 percent ownership stake in a Korean automotive interiors joint venture, Duckyang Industry Co. Ltd., in support of its previously announced intentions to divest its interiors business.
The sale to certain management shareholders of Duckyang and associated parties for the equivalent of about $24.1 million (25.9 billion Korean Won) is expected to be completed in April after closing conditions are met. In addition to the $24.1 million from the share sale, Visteon expects to receive approximately $5.9 million (6.3 billion Korean Won) in dividends.
"We are pleased to have reached this agreement to sell our stake in this non-consolidated interiors joint venture as another step in Visteon's transformation, and in support of our stated goal to exit our interiors business," said Visteon President and CEO Timothy D. Leuliette. "We are working toward the interiors divestiture as part of our commitment to deliver customer and shareholder value by focusing on our core growth climate and electronics businesses."
Based in Ulsan, South Korea, Duckyang manufactures and develops original equipment interior components for vehicles.
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