Visteon UK Ltd insolvent; files for administration with the UK High Court

06-Apr-09

Visteon UK Ltd, one of the subsidiaries of leading global automotive supplier, Visteon Corporation, had recently filed for administration with the UK High Court under the Insolvency Act 1986. The administration order places Visteon UK Ltd under the control of court-appointed administrators from KPMG. Visteon UK Ltd includes plants in Basildon, Belfast and Enfield. Employing approximately 600 people, the plants manufacture automotive interiors, climate and powertrain components. All other Visteon operations are excluded from and not impacted by this action, including the Visteon Engineering Services Ltd subsidiary, which employs approximately 400 people at Visteon's UK customer and technology centers. Donald J. Stebbins, chairman and chief executive officer of Visteon Corporation commented, "Despite extensive restructuring efforts, the UK plants have continued to incur substantial losses. Regrettably, having exhausted all options, the Visteon UK Ltd board of directors had no alternative but to file for administration."