Visteon sells stake in Korean joint venture

Visteon Corporation is selling its 50% stake in a Korean automotive interiors joint venture, Duckyang Industry Co., Ltd. as part of its plan 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.

Based in Ulsan, South Korea, Duckyang manufactures and develops original equipment interior components for vehicles. Visteon is a leading global automotive supplier delivering value for vehicle manufacturers and shareholders through businesses including Halla Visteon Climate Control Corp., Visteon Electronics and Visteon Interiors.