Visteon Corporation has completed the sale of its Swansea, United Kingdom, operation to Linamar Corporation. Visteon president and chief executive officer Donald J. Stebbins said the sale “represents a significant milestone in Visteon's effort to address non-core facilities and improve its financial performance in connection with its three-year improvement plan.”
In the second quarter of 2008 Visteon also completed the planned closure of two non-core fuel tank facilities in Germany and ceased production at its operation in Bedford, IN. Stebbins said these actions bring the number of completed actions to 23 of 30 previously identified restructuring actions under Visteon's improvement plan. Visteon has announced its intention to close its fuel tank facility in Missouri early in the third quarter of 2008, after which only six restructuring actions will remain.