By Dustin Walsh, Crain's Detroit Business
Detroit, Michigan -- Visteon Corp. is in discussions to sell its interiors business, but "there's no gun to our head" to sell quickly, the US auto parts supplier's top executive said on Wednesday.
"We know the business will be worth more when Europe starts to rebound," Visteon's interim ceo Tim Leuliette said during an investor presentation. "If someone wants to pay us now for that kind of value, we're willing to accept that. In the meantime, we're running the business."
It will take the European auto industry another 18 months to "get legs," Leuliette said.
The filing also indicated the supplier is also looking to sell its Chinese joint venture Yanfeng Visteon Automotive Trim Systems Co. Ltd. "over time…and at right value." The joint venture is between Visteon and Huayu Automotive Systems Co. -- a subsidiary of China's largest automaker, government-owned Shanghai Automotive Industry Corp.
The moves end speculation that the supplier would dissolve after former CEO Don Stebbins, who opposed a company breakup, left the company last month.
A longer version of this story appears on our sister publication, Crain's Detroit Business