Visteon Corp. 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.
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