GLENDALE, Wis. (June 8, 2010)—Johnson Controls Inc. said last week it still wants to buy the interiors and electronics business units of Visteon Corp.
Glendale-based JCI made the announcement in a news release Friday, but offered no further details.
Days earlier, Visteon said its board of directors had rejected JCI's $1.25 billion cash offer, opting instead to pursue its current plan to exit Chapter 11 bankruptcy protection.
Last week, Visteon said selling the units, which generate about $4.9 billion in revenue last year, would accelerate some costs and wouldn't benefit its creditors and equity holders.
Visteon's next major hearing is June 14, where the U.S. Bankruptcy Court in the District of Delaware will be asked to give Visteon a green light to move forward with its plan to let bondholders buy 95 percent of the Van Buren Township-based auto supplier.
Visteon, spun off by Ford Motor Co. in 2000, makes automotive electronics, lighting systems, and climate control products. It struggled last year under a heavy debt load during a time when automotive production volumes were at the lowest levels in decades, dragging down revenue.
Prior to filing for Chapter 11 in May, Visteon had never posted full-year net profit since the Ford spinoff.
Visteon posted net income of $184 million for 2009. This was driven mostly by cost-cutting, including a $195 million fourth-quarter gain from terminating retiree health-care benefits.