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Visteon: still seeking glass partner

Following the breakdown in talks with UK glass firm Pilkington late last year, US automotive parts supplier Visteon is continuing its search for a partner in its glass operations. It has also been hol…

Following the breakdown in talks with UK glass firm Pilkington late last year, US automotive parts supplier Visteon is continuing its search for a partner in its glass operations. It has also been holding further talks with United Auto Workers union officials over the future of the glass division“s facility in Nashville, Tennessee, US. It has been suggested that Pilkington could still be interested in the glass business if earlier issues, most probably union-related, could be resolved. The previous talks between the two firms ended “amicably”. Visteon has since taken a US$ 138 million after-tax charge to write down the assets of the glass business. For the fourth quarter of 2000, Visteon reported losses of US$ 87 million, after this charge, and a separate US$ 20 million asset sale gain. For the same period of 1999, Visteon reported a profit of US$ 95 million. Sales in the quarter amounted to US$ 95 million, and total profits for the year to US$ 270 million, again after the glass business charge.

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