Visteon, one of the world’s largest suppliers of automotive parts plans to sell its automotive lighting business to India-based Varroc Group for $92 million after the company posted a $26 million loss for the fourth quarter.
The business to be sold encompasses a wide range of exterior lighting products supplied to global vehicle manufacturers, including front and rear lighting systems, auxiliary lamps and key subcomponents such as projectors and electronic modules.
Certain other lighting employees and assets would transfer as well. In total, about 4,200 manufacturing, engineering and administrative employees are part of the lighting business that is involved in the transaction.
The deal is expected to be completed in the third quarter of 2012, Visteon added.
Last month Visteon reported a net loss of $26 million, or 51 cents per share. A year earlier, it posted net income of $1.13 billion, including $1.06 billion in reorganization gains.