Visteon's restructuring to cut 1600 jobs, result in Q1 charge

Date: 15 February 2002
Source: Yahoo
Auto parts maker Visteon Corp. said on Wednesday its planned restructuring would result in the loss of 1,600 jobs and a first quarter charge of $150 million.

Visteon said it would sell its Restraint Electronics business to seat belt and airbag maker Autoliv. The firm's Markham, Ontario, production will be halted by year end, and about 250 employees from Markham and 100 engineers from Dearborn will be transferred to Autoliv, the company said.

Visteon will move nearly all of the remaining business to facilities in Mexico, so the remaining 825 employees at Markham will be "separated" from the company.

Additionally, Visteon said about 400 engineering positions worldwide will be cut in a move to lower research and development costs.

In total, the restructuring will cut about 900 hourly and 700 salaried positions.

The firm expects the actions to result in a first quarter non-recurring net charge of as much as $150 million before taxes, $95 million after taxes.

Shares of Visteon, which was spun-off from U.S. car maker Ford, closed down 33 cents on Wednesday at $12.47, off a 52-week high of $21.72, up from a year low of $10.50.

600450 Visteon's restructuring to cut 1600 jobs, result in Q1 charge

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