Visteon plans to shed seat business

Looking to pull itself out of red ink, auto parts supplier Visteon Corp. announced it will soon implement a restructuring strategy designed to shed unprofitable operations. As part of the restructuring efforts, Visteon is expected to announce the sale of its seating business, according to a report published in the Detroit News. Visteon, spun off from Ford Motors Co. two years ago, lost $352 million in 2002.
Visteon’s seating factory in Chestrfield Township, MI is the source of a significant portion of the company’s losses. The plant makes seats for the Ford Mustang and other Ford models, employing 1,400 workers. According to the report, Johnson Controls, Lear Corp. and Faurecia are the top candidates to buy Visteon’s seat factory.