Visteon Boosts Equity Stake in Russian Electronics Joint Venture
VAN BUREN TWP. (WWJ) — Visteon Corp. (NYSE: VC) has raised its equity stake in its Russian joint venture, Visteon Avtopribor Electronics, from 49 percent to 68.77 percent.
This action positions Visteon as a majority shareholder in one of Russia’s leading cockpit electronics suppliers.
“Russia remains one of the most attractive automotive markets in Europe and, since its inception, Visteon Avtopribor Electronics has successfully maintained a double-digit growth rate,” said Steve Meszaros, president, Visteon Electronics. “With the strong leadership and full support of both partners, Visteon Avtopribor Electronics continues to show high potential for growth.”
Established in 2010, Visteon Avtopribor Electronics is a joint venture between Visteon and one of Russia’s largest automotive suppliers, Avtopribor. Visteon Avtopribor Electronics has full manufacturing and product development capabilities and supplies a range of cockpit electronics products to global and local vehicle manufacturers including Ford Motor Co., Renault Nissan, GAZ and VAZ.
Located in Vladimir, Russia, 105 miles east of Moscow, Visteon Avtopribor Electronics employs 190 people.
More at http://www.visteon.com.