Visteon sees profits drop

Auto parts supplier Visteon Corp. reported a net loss of $167 million for the second quarter of 2003. This compares with net income of $72 million in the second quarter of 2002. The decline in profits is attributed to the company’s pullout from the seating business, as well as lower levels of business from Visteon’s OEM customers, according to a press release.
Visteon CEO Peter J. Pastillo said the company remains committed to key restructuring actions and is moving forward with strategic growth plans in Europe.