Visteon Corp., the auto-parts unit being spun off by Ford Motor Co., will begin life on the New York Stock Exchange as one of the largest companies in the USA.
Last week Visteon reported a 28 percent drop in net income on costs and items related to its new pre-spinoff independent status. Although Visteon will not be spun-off until this summer, Ford said it will now report the supplier company's earnings separately.
Visteon, based in Dearborn, Michigan, USA, is the second-largest auto supplier after Delphi Automotive Systems Corp., spun off by General Motors Corp. last year. It shares will trade on the New York Stock Exchange under the ticket symbol VC.
Visteon will become an independent company without Craig Muhlhauser, the auto industry outsider brought in to build it into a standalone company. Muhlhauser resigned his post as president hours after Ford announced the spinoff on April 14.
Visteon will have 84 manufacturing plants, 24 technical centers, 25 sales offices and 81,000 employees in 23 countries.
It will employ 7,800 engineers and hold 3,700 patents or patent applications.