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News of  November 07, 2000

Visteon Ends Discussion of Glass Venture with Pilkington 

Dearborn, Mich. - Visteon Corporation and Pilkington plc have announced that they have amicably ended discussions that would have resulted in the sale of Visteon's glass segment to Pilkington.   

"We are very disappointed that we could not come to an agreement regarding  this venture," said Visteon Chairman and CEO Peter J. Pestillo. "We remain committed to developing an acceptable business solution for our glass operations. The UAW understands Visteon's business equation and has agreed to work with us on finding the best alternative that will protect our customers, our overall business, and our employees."  

Pilkington plc and Visteon signed a letter of intent in June to explore forming a new glass company. As the two companies progressed through the extensive due diligence process, a number of factors contributed to ending the negotiations.  

As a result, Visteon and Pilkington have agreed to withdraw from these discussions effective immediately, as they were unable to reach an acceptable definitive agreement. Visteon remains committed to continuing to supply the highest quality products and best possible service to its automotive and architectural customers, as the corporation determines the best business solution for its glass operations.   

Under terms of the agreement, Pilkington would have assumed majority ownership and management control of Visteon's Glass business, including its four float furnaces based at plants in Tulsa, Okla., Nashville, Tenn., plus vehicle glass fabricating plants based in Tulsa, Nashville, and Juarez, Mexico.   

(November 3,  2000)

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