Visteon Corp. (VC:US) Chief Executive Officer Tim Leuliette ruled out selling control of the company’s climate-control business that South Korea’s Mando Corp. (060980) has been seeking to buy.
“First of all, the business isn’t for sale,” Leuliette said in reference to Halla Visteon Climate Control Corp. (018880), which is 70 percent owned by Visteon, in an interview today at a forum in Shanghai. “Secondly, I haven’t heard from any of them and I have been in this seat now nine months.”
Mando, South Korea’s third-largest maker of auto parts, said in August it may offer to buy the 70 percent stake in former affiliate Halla Climate. Mando Chairman Chung Mong Won has been seeking to rebuild the Halla Group, which went bankrupt in 1997 after years of overexpansion saddled the conglomerate with at least 6.5 trillion won in debt.
Visteon is exploring other options, including one involving the Van Buren Township, Michigan-based company reducing its stake to of “something less than 70 and more than 51,” Leuliette said, without elaborating.
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