Visteon Completes Sale of Halewood, UK, Facility; Continues Progress of UK Restructuring

VAN BUREN TOWNSHIP, Mich., Aug. 29, 2008  /PRNewswire-FirstCall/ -- Visteon Corporation (NYSE:VC) today announced the sale of its Halewood, United Kingdom, facility to International Automotive Components Group Europe (IAC Europe), a key automotive supplier for interior trim, carpet and acoustics systems, and exterior trim.

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The Halewood facility is dedicated to the assembly and sequencing of cockpit systems and consoles to Jaguar Land Rover's Halewood operation. The Halewood facility had 2007 sales of approximately $150 million and operated on close to a break-even basis. Under the business purchase agreement, Visteon will transfer the assembly facility and associated assets including purchase and supply contracts to IAC Europe. The nearly 150 employees currently employed at the facility will also transfer to the new owner. Terms of the sale were not disclosed.

"Following the recently announced customer agreements and the Swansea plant sale, the divestiture of our Halewood facility marks another important step in improving the financial performance of our UK operations," said Donald J. Stebbins, Visteon president and chief executive officer.

About Visteon Corporation

Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 38,500 people.

About International Automotive Components Group

International Automotive Components Group is a leading global supplier of automotive components and systems for interior, carpet/acoustics and exterior. Including these acquisitions, IAC's annual global revenue will exceed $5.5 billion. International Automotive Components Group operates in 16 countries with more than 29,000 employees. For more information, visit http://www.iacgroup.com/.

Forward-looking Information

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including general economic conditions, changes in interest rates and fuel prices; the automotive vehicle production volumes and schedules of our customers, and in particular Ford's vehicle production volumes; work stoppages at our customers; our ability to satisfy our future capital and liquidity requirements and comply with the terms of our existing credit agreements and indentures; the financial distress of our suppliers, or other significant suppliers to our customers, and possible disruptions in the supply of commodities to us or our customers due to financial distress or work stoppages; our ability to timely implement, and realize the anticipated benefits of restructuring and other cost-reduction initiatives, including our multi-year improvement plan, and our successful execution of internal performance plans and other productivity efforts; the timing and expenses related to restructurings, employee reductions, acquisitions or dispositions; increases in raw material and energy costs and our ability to offset or recover these costs; the effects of reorganization and/or restructuring plans announced by our customers; the effect of pension and other post-employment benefit obligations; increases in our warranty, product liability and recall costs; the outcome of legal or regulatory proceedings to which we are or may become a party; as well as those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2007). We assume no obligation to update these forward-looking statements. 

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DATASOURCE: Visteon Corporation



CONTACT:  Media: Julie Fream, [phone], , Jonna

Christensen, 44-1268-701094, , or Investors: Derek Fiebig,

[phone], , all of Visteon Corporation



Web site:  http://www.visteon.com/

http://www.iacgroup.com/ 

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