Visteon Business report FY2008
|(in million dollars)||FY2008||FY2007||Rate of change
-Plant divestitures and closures accounted for 1.0 billion USD of the decline while production volume and mix further deteriorated sales by 0.8 billion USD, primarily in North America and Europe across all key customers. Favorable currency offset net customer pricing changes.
-The decrease included 147 million USD related to the closure of the Company's Connersville, Indiana facility, unfavorable production volumes related to key customers in North America of 95 million USD and net customer price reductions.
-Unfavorable currency of 153 million USD in Asia Pacific, primarily related to the Korean Won, resulted in a sales reduction.
-These decreases were partially offset by net new business and vehicle production volume and mix in Asia of 148 million USD, primarily related to Hyundai/Kia and favorable currency in Europe of 48 million USD, primarily due to the strengthening of the Euro.
-The decrease included a 565 million USD decline related to production volumes and mix and the impact of past customer sourcing decisions, across all regions and key customers, and net customer price reductions.
-Favorable currency of 213 million USD, primarily related to the strengthening of the Euro, was a partial offset.
-The decrease includes lower customer production volumes and mix of 411 million USD primarily related to Nissan in North America and Nissan/Renault and PSA in Europe, 91 million USD related to the Halewood Divestiture and closure of the Company's Chicago, Illinois facility, 76 million USD due to unfavorable currency in Asia and net customer price reductions.
-These decreases were partially offset by favorable currency of 121 million USD in Europe, and revenue associated with customer agreements at certain of the Company's UK operations.
-The decrease was primarily attributable to divestitures and plant closures of 635 million USD, including the divestiture of the Company's chassis operations, the Bedford, Indiana plant closure, the Visteon Powertrain Control Systems India divestiture, and the North America Aftermarket divestiture.
- Customer production volumes and mix and the impact of past sourcing decisions further reduced sales.
- The reduction was partially offset by revenue associated with customer agreements at certain of the Company's UK operations
New Business Wins (FY2008)
-The Company achieved new business wins of approximately 700 million USD during 2008. The wins were balanced across major geographic regions; Asia - 38%, North America - 32%; Europe - 27%, and were balanced across product lines; Climate - 47%; Electronics - 32%; and Interiors - 21%.
Products on New Models (FY2008)
-In May 2008, the Company and D&M Holdings Inc. announced they have expanded their relationship to supply Boston Acoustics' branded audio systems to the 2009 Dodge Challenger. (From a press release on May 6, 2008)
-In Aug. 2008, the Company announced that it and Boston Acoustics, a D&M Holdings Inc. company, will deliver an audio system to GM for the 2010 Chevrolet Camaro. (From a press release on Aug 12, 2008)
-In Oct. 2008, the Company announced that it is supplying the 2009 Dodge Grand Caravan and Chrysler Town and Country with optional driver awareness systems that help make drivers more cognizant of their surroundings; Blind Spot Monitoring System and the first-to-market Rear Cross Path System that can warn drivers backing out from a parking spot of oncoming vehicles. (From a press release on Oct 20, 2008)
- During 2008 the Company reduced manufacturing employee census by 27%. Salaried employee census was reduced by 14% during 2008.
Swansea Operation in UK
In Jul. 2008, Visteon UK Ltd. sold the Visteon Swansea Ltd. to Linamar UK Holdings Inc.The Swansea operation manufactures driveline products.
Halewood Facility in UK
-In Aug. 2008, the Company announced the sale of its Halewood, United Kingdom, facility to International Automotive Components Group Europe (IAC Europe). The Halewood facility is dedicated to the assembly of cockpit systems and consoles to Jaguar Land Rover's (Tata Motor's) Halewood operation. The Company will transfer the facility and associated assets including purchase and supply contracts to IAC Europe. (From a press release on Aug 29, 2008)
|(in million dollars)||FY2008||FY2007||FY2006|
Internal Heat Exchanger
-In Nov. 2008, the Company has developed an internal heat exchanger (IHX) that increases cooling power in a vehicle up to 14%. It uses a coaxial tube design integrated in the refrigerant circuit for enhanced automotive air conditioning system performance and efficiency. The new internal heat exchanger exchanges in a counter-flow arrangement. The Company will launch its first commercial applications during the first quarter of 2009. (From a press release on Nov 13, 2008)
-In Jan 2008, the Company and 3M announced a global advanced technology collaboration at a 2008 International Consumer Electronics Show (CES). The companies unveiled a jointly developed demonstration vehicle showcasing more than 50 technologies designed to enhance the driving experience. The collaboration paves the way for the two companies to develop consumer-focused original equipment and aftermarket automotive products that capitalize on the expertise of each company. For example, the vehicle's center stack electronics has the capability to link the user's personal devices - such as an iPodR or mobile phone - to the vehicle's audio system, allowing the vehicle controls to become the user interface.(From a press release on Jan. 7, 2008)
-In Dec. 2008, the Company has obtained a license from Immersion Corporation, a leading developer of touch feedback technology, to apply Immersion's TouchSense(R) technology in vehicles. By 2010, the Company and Immersion will develop and commercialize TouchSense-enabled products such as button packs, displays, and control modules. The Company sees potential application of this technology throughout its core product lines - electronics, interiors products such as door and instrument panels, and climate controls. (From a press release on Dec 17, 2008)
|(in million dollars)||FY2008||FY2007||FY2006|
-In Oct. 2008, Visteon Climate Control (Nanchang) Co., Ltd (VCCN), a joint venture between the Company and Jiangling Motors Company (JMC) is expanding its Nanchang plant to accommodate the growing needs of locally based vehicle manufacturers. VCCN specializes in manufacturing climate control systems components such as automotive fluid transport and air conditioning assemblies. (From a press release on Oct 28, 2008)