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Visteon Global Climate Control Business Set With Acquisition

19 January 1999

Visteon Global Climate Control Business Set to Charge Ahead With South Korean Acquisition

    DEARBORN, Mich., Jan. 19 -- In a move that supports an
aggressive plan to capture new business in the growing automotive climate
control systems market, Visteon Automotive Systems today announced an
agreement to increase its equity in Halla Climate Control Corp. (HCC).
    HCC is a major manufacturer and distributor of climate control products
based in South Korea.  The move, which is subject to normal government
approvals, will increase Visteon's stake in HCC to 70 percent, up from 35
percent.
    "This acquisition better positions Visteon to deliver leading-edge climate
control systems to customers around the world, especially in the Asia-Pacific
region," said Frank Croskey, vice president of Visteon's climate control
operations.  "Halla Climate Control is already a leader in the climate control
industry.  By combining Halla Climate Control's product and market expertise
with Visteon's strength in the industry, we will provide customers with
unrivaled quality and technology in more markets than ever before."
    HCC was established in 1986 and has 1600 employees.  The company is based
in Taejon, with manufacturing plants in Taejon and Pyongtaek, and joint
ventures in Canada, Portugal, Thailand and India.  HCC's customer base
includes Hyundai, Kia, Mazda, General Motors and Ford.
    The company produces a variety of leading climate control systems and
components, including air conditioning and heater assemblies, compressors,
clutches, radiators, engine cooling modules and other components for the
automotive industry.
    Visteon has 82,000 employees and 120 manufacturing, engineering, sales and
technical centers located in 21 countries.  Visteon's corporate headquarters
is located in Dearborn, Mich.