SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report October 16, 2000
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
Delaware 1-15827 38-3519512
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5500 Auto Club Drive, Dearborn, Michigan 48126
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800)-VISTEON
ITEM 5. OTHER EVENTS.
On October 16, 2000, we issued a press release reporting that the
Company had completed the sale of its 49% interest in the "Conix Group" to
Decoma International, Inc. The press release, filed as Exhibit 99.1 to this
Current Report on Form 8-K, is incorporated herein by this reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit No. Description
99.1 Press release dated October 16, 2000
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 16, 2000 By: /s/Stacy L. Fox
Stacy L. Fox
Senior Vice President,
General Counsel and Secretary
Exhibit No. Description Page
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Exhibit 99.1 Press Release dated
October 16, 2000
DECOMA AND VISTEON ANNOUNCE SUCCESSFUL CONCLUSION OF CONIX JOINT VENTURE
TORONTO, ON, Oct. 16, 2000 - Decoma International Inc. (TSE: DEC.A, NASDAQ:
DECAF) and Visteon Corporation (NYSE: VC) have successfully completed the sale
of Visteon's 49% interest in the "Conix Group" to Decoma. As the result of this
action, Decoma now owns 100% of the Conix Group, a manufacturer of fascia,
moulding and finishing components.
The purchase price for the Visteon interest was US$140 million, which was
satisfied on closing by a cash payment of US$50 million and by the delivery of
9.5% subordinate debentures of Decoma totaling US$90 million due in 2003.
"Decoma is pleased with the manner in which Decoma and Visteon were able to
conclude what has been a long and successful relationship," said Al Power,
President and Chief Executive Officer, Decoma International. "The purchase of
the Visteon minority interest will allow Decoma to consolidate the Conix Group
operations with those of its existing facilities and is expected to generate
significant strategic and operational synergies and cost savings opportunities."
"Visteon has had a strong working relationship with Decoma on this venture,"
said Steve Delaney, Vice President, Interior/Exterior Systems, Visteon
Corporation. "We believe it is in the best interest of both companies to sell
Visteon's minority interest in the Conix Group which will enable us to reinvest
the proceeds of the sale to other areas of our business."
The Conix Group operates fascia moulding and finishing operations in Canada, the
United States, England and Belgium and has about 2,600 employees worldwide.
Sales of the Conix group for the fiscal year ending July 31, 2000, were Cdn$720
million. Net earnings for the period were Cdn$31 million. Prior to the
completion of this transaction, the results of the Conix group were reported by
Decoma on a 51% proportionally consolidated basis. Visteon's interest in Conix
has been reported in overall Visteon results on an unconsolidated basis.
Decoma designs, engineers and manufactures automotive fascias and related
components, plastic body panels and exterior appearance systems for cars and
light trucks, principally for automobile manufacturers in North America, Mexico
and Europe. Decoma has approximately 5,900 employees in 14 manufacturing and
engineering facilities in Canada, the United States, Mexico, Belgium and
Visteon Corporation is a leading full-service supplier that delivers
consumer-driven technology solutions to automotive manufacturers worldwide and
through multiple channels within the global automotive aftermarket. Visteon has
a global delivery system of more than 130 technical, manufacturing, sales, and
service facilities located in 23 countries. It has 81,000 employees working in
three business segments: Dynamics and Energy Conversion; Comfort, Communication
and Safety; and Glass.
This press release contains statements which, to the extent that they are not
recitations of historical fact, constitute "forward looking statements" within
the meaning of applicable securities legislation. The words "estimate,
anticipate, believe, expect" and similar expressions are intended to identify
forward looking statements. Such statements involve important risks and
uncertainties that may cause actual results or anticipated events to be
materially different from those expressed or implied herein. These factors
include, but are not limited to, industry cyclicality, changes in the economic
and competitive environments and changes in customer relationships. In this
regard, readers are referred to Decoma's and Visteon's respective SEC filings.
Visteon news releases, photographs and product specification details
are available at www.visteon.com
Decoma news releases are available at www.decoma.com