Car-parts firm Visteon goes to Dalian
By Zhou Weirong (China Daily)
Updated: 2006-05-25 10:09 "Our longstanding relationship with Visteon has generated yet another
opportunity to showcase our quality products," he said.
"We are convinced
that the HCC Dalian plant will be as successful as our other
operations."
A listed company on the New York stock exchange, Visteon is
only second to Germany-based Bosch in the auto parts market. Its products
include electronic parts and climate control items.
The latter
contributed about US$3.5 billion to US$4 billion to its annual revenue.
So
far, Visteon has set up 21 enterprises in China, of which 19 are joint ventures
with major automobile companies. Shanghai is home to the company's Asia-Pacific
headquarters as well as its research and development centre.
Over the
past few years, Visteon has achieved great success in the region,
especially in China. However, it has seen big losses in North America and
Europe, which have pulled down its overall global performance, said
experts.
Visteon's senior managers were unwilling to release figures
regarding profit and market share in China and the Asia-Pacific
region.
But one company insider told China Daily earlier this year that
Asia-Pacific countries contributed at least one third of its global output last
year. China is the largest contributor in the region.
The company's 2005
annual report showed it was still running in the red last year with a net loss
of US$270 million, on total sales of US$17 billion.
However, the company
has started to get back into the black since the beginning of this year, after
it transferred 23 loss-making facilities to its former parent company
Ford.
Visteon earned US$3 million, or 2 US cents per share, during the
January-March period compared with a loss of US$163 million, or US$1.30 per
share, during the same period of last year.
(For more biz stories, please visit Industry Updates)
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