VAN BUREN TOWNSHIP, Mich., Dec. 19, 2008 /PRNewswire-FirstCall/ -- Visteon
Corporation (NYSE: VC), a global automotive supplier, announced it is
withdrawing its full-year 2008 financial guidance in light of the larger than
anticipated declines in global vehicle production and overall industry
uncertainty.
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'Given that ongoing economic pressures have continued to significantly
reduce our customers' production schedules across the globe, Visteon is
withdrawing its previously issued 2008 financial guidance,' said Donald J.
Stebbins, chairman and chief executive officer. 'We have taken aggressive
actions over the past three years to restructure and improve our business,'
Stebbins said, 'and we continue to take the actions necessary to align our
manufacturing capacity and cost structure with the rapidly changing economic
and market environment.'
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 27 countries and employs approximately 35,500
people.
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; 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 financial condition of our
customers and the effects of reorganization, consolidation and/or
restructuring plans that may be 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; our ability to
meet the continued listing standards of the New York Stock Exchange; 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.
SOURCE Visteon Corporation
