Visteon Enters Into Agreement to Sell Chicago Assembly Operation to Plastech Engineered Products, Inc.

DEARBORN, Mich., Aug. 13, 2004 -- Visteon Corporation has entered into an agreement to sell the assets of its automotive components assembly operation in Chicago, Illinois, to Plastech Engineered Products, Inc., a minority-owned supplier based in Dearborn, Michigan.

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Plastech is a longtime Visteon supplier that provides interior trim components to Ford from a facility adjacent to the one to be purchased from Visteon at Ford's Chicago Manufacturing Campus. The 215,000-square-foot facility that Plastech will acquire from Visteon performs final assembly and sequencing of front-end modules, cockpit systems, fuel storage systems and climate systems for the Ford Freestyle, Ford Five Hundred and Mercury Montego. The facility's 270 employees will be offered positions with Plastech.

"We are taking advantage of cost-effective synergies that Plastech can provide in assembling high-quality interior components, while ensuring continued in-sequence, just-in-time delivery to Ford from a respected and growing minority supplier," said James Orchard, Visteon's executive vice president and president, North American operations. "Plastech has been a valued supplier to Visteon for more than 15 years and is familiar with the products assembled at the Chicago facility; this is another step in our long- term relationship with them."

Completion of the transaction is expected by September 30 and is subject to certain conditions. Terms of the transaction were not disclosed.

Visteon Corporation is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels within the global automotive aftermarket. Visteon has about 72,000 employees and a global delivery system of more than 200 technical, manufacturing, sales and service facilities located in 25 countries.

Plastech Engineered Products, Inc. is headquartered in Dearborn, Michigan. The company is a Tier 1 and Tier 2 automotive supplier of interior, exterior and underhood products. Its process capabilities include injection and blow molding, interior and exterior painting, metal stamping and extrusion. Plastech has 6,000 employees in 37 North American facilities.

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