Van Buren Township, Michigan – Visteon Corp. has agreed to sell its 70% stake in Halla Visteon Climate Control Corp. to an affiliate of Hahn & Company – a South Korea-based private equity company – and Hankook Tire Co. Ltd. for approximately $3.6 billion.
The transaction prices Halla Visteon at about 10.1X its cash flow for the 12 months ended Sept. 30, 2014. Visteon expects the ultimate tax exposure, after consideration of Visteon's tax attributes, to range between 10% and 14%.
The transaction, which is subject to regulatory reviews, shareholder approval and other conditions, is expected to be completed in the first half of 2015. Visteon management will provide greater details on the transaction on Jan. 13, 2015, at the Deutsche Bank 2015 Global Auto Industry Conference in Detroit – including the resultant business structure that will support continued expansion of the electronics and connected car business.
"HVCC is a solid business with innovative technology, a broad global footprint and a strong business backlog, thanks to a seasoned management team and record business wins in 2014," said Visteon President and CEO Timothy D. Leuliette. "We feel this is an opportune time to create additional value for shareholders by selling our ownership interest in HVCC and concentrating on our cockpit electronics and connected car portfolio."
Leuliette added that Visteon will present an expanded portfolio of cloud-based products and services, as well as the SmartCore cockpit domain controller, at the 2015 International CES in Las Vegas on Jan. 6-9, 2015.
Scott Hahn, CEO of Hahn & Co, said, "HVCC is Korea's largest and the world's second largest provider of thermal management solutions and will be an excellent fit within our existing portfolio and strategy. Customers of HVCC will continue to benefit from its globally renowned technology solutions, highly respected management team, strong balance sheet, dedication to innovation and expanding global market presence. Together in partnership with Hankook Tire, we believe we can help HVCC expand its customer base and global reach and further improve upon HVCC's operating efficiency and technological expertise. Both of our firms are confident that the current management team of HVCC will continue to deliver excellence to its customers, its employees and to its shareholders."
Troy, Michigan – Seco Tools LLC in North America has appointed Robert Keenan as the company’s new president effective Jan. 1, 2015. Keenan will succeed current president Kurt Nordlund who will return to Seco Tools AB in Sweden as senior advisor on a global basis.
A planned transition, Seco promoted Keenan from within the organization. In his new role, he will work to continue the company’s aggressive market share growth strategy while maintaining Seco’s culture and core values.
”We have a great team at Seco, with employees who are completely dedicated to partnering with manufacturers to overcome the challenges they face in today’s market,” said Keenan. “Over the coming year, Seco will be introducing many innovative game changing products and digital applications that truly reflect that commitment, and I look forward to leading our organization into the future.”
Keenan, presently the Canada country manager and central zone manager for Seco, brings over 20 years of metal cutting industry experience to the new position. In addition to his extensive sales management experience within Seco, he previously owned and managed his own cutting tool distribution business.
Nordlund has headed Seco Tools LLC for the past seven years. In his new role as senior advisor, he will manage critical projects that will help the company achieve its growth plan goals. Additionally, he will collaborate with company subsidiaries, sharing his industry knowledge and experience, to help further expand company markets.
Source: Seco Tools LLC
Source: Güdel Inc.
Sydney, Australia – The board of Quickstep Holdings Limited, a manufacturer of high-grade carbon-fibre components for the aerospace and automotive industries, has appointed David Marino as managing director and CEO. Marino will commence his official duties in the role from mid February 2015, and will be appointed as a director at the first board meeting after his commencement.
Marino is currently Chief Operating Officer of Futuris Automotive Group, having been appointed to that role in June 2013 following ten years in senior management and executive roles throughout the Group. Futuris Automotive designs and manufactures automotive interior solutions for major original equipment manufacturers globally including Ford, General Motors, and Tesla.
Marino began his career as an engineer, first with Ford, then moving to Lear Corp., and finally to Air International, where he began moving into management roles, gradually being promoted to general manager of the seating division before Air International Thermal was divested and Futuris Interiors commenced its global expansion.
As COO of Futuris, Mr Marino leads a team of 1,600 people, with direct reports including heads of various international business units and senior operational executives, and is responsible for businesses turning over more than $400 million annually across Australia, Thailand, and the United States.
Tony Quick, currently Executive Chairman of Quickstep, said “David’s experience in leading and managing high-growth businesses, and in particular his extensive experience in developing manufacturing businesses both locally and overseas in the automotive industry, are an ideal fit for Quickstep as we focus on delivering the expected growth over the next few years.”
Philippe Odouard will continue in his current role as Executive director, focused on developing the market for the Quickstep process with particular emphasis on defense and aerospace markets. Odouard will report to Marino.