Visteon Becomes Midas' Exclusive Climate Control Supplier

4 November 1999
Visteon Becomes Midas' Exclusive Climate Control Supplier
    LAS VEGAS, Nov. 3 -- Visteon Climate Control Systems, Ltd.,
has been selected the exclusive supplier of climate control products for
Midas, Inc. .
    The multi-year agreement, which marks Midas' entry into the climate
control aftermarket, calls for Visteon to supply a full line of air
conditioning and heat-transfer (radiators, condensers, etc.) products for
domestic and import cars and light trucks.
    Midas will phase in the new climate control products into its 2,150
installation shops throughout North America beginning January 1, 2000.
    "We are delighted to partner with a global organization like Midas," said
Craig Muhlhauser, president, Visteon Automotive Systems.  "We understand that
when entering a new market segment, it is absolutely essential that a business
rely upon its supplier to provide outstanding innovation, quality, delivery
and service.  Visteon's absolute commitment to its customers' success spoke
volumes in securing this agreement."
    Visteon announced the agreement yesterday at the 1999 Automotive Service
Industry Association (ASIA/SEMA) Show in Las Vegas.  David F. Peace, vice
president of Visteon Global Aftermarket Operations, and Wendel H. Province,
chairman and chief executive officer of Midas jointly delivered the
announcement.
    "We are building an extremely competitive aftermarket climate control
business and securing a customer such as Midas is a major step forward in this
process," Peace said.  "Over the past two years, Visteon has more than doubled
the size of its climate control business by being able to offer all-makes
lines of heat-transfer and air conditioning products.
    "Completing this program with Midas represents Visteon's ever-growing
capability of being the single source for climate control needs," Peace
explained.
    "Midas is committed to becoming the dominant automotive repair facility in
America," commented Wendel H. Province, Midas chairman and chief executive
officer.  "To accomplish this, it's extremely critical to form strategic
partnerships with innovative companies, such as Visteon.
    "Climate control is a multi-billion dollar retail business, yet no single
company has a significant market share," Province added.  "With more than
2,100 locations throughout North America and a climate control partner
offering us quality products, innovative thinking and leadership, Midas is now
positioned to develop a commanding position in a category no one currently
dominates."
    Peace noted that Visteon aggressively pursued this opportunity because of
the extremely strong consumer brand name Midas has built within the automotive
service industry.
    "We are very excited to be working with Midas as they launch into the
climate control market and believe this business will offer great
opportunities to their franchise owners and customers," Peace added.
    Midas is one of the world's largest providers of automotive service,
including exhaust, brakes, steering and suspension services, as well as
batteries and maintenance services.  There are more than 2,700 franchised and
licensed Midas locations in 20 countries, including more than 2,100 in North
America.
    Midas, Inc., is traded on the New York Stock Exchange under the symbol
"MDS."
    With a global delivery system of more than 125 technical, manufacturing,
sales and service facilities located in 21 countries, Visteon Automotive
Systems is leveraging the talents of its 77,000 employees to deliver
innovative, consumer-driven systems solutions to its customers.