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Visteon Corporation Forms Joint Venture with Nichirin Company, Ltd.

4 October 2000

Visteon Corporation Forms Joint Venture with Nichirin Company, Ltd.

    DEARBORN, Mich., Oct. 4 Visteon Corporation and
Nichirin Company, Ltd. (OSE: NCRN), of Himeji-city, Japan, today announced a
joint venture that will provide leading-edge automotive hose technologies and
manufacturing expertise to support vehicle manufacturers throughout Europe.
    The companies have signed an agreement to form a joint venture that will
manufacture air conditioning hoses for use in Visteon's hose coupling process
located at the Autopal facility in Novy Jicin, Czech Republic.
    "This joint venture is another example of Visteon's tradition of
associating with industry leaders," said Frank Croskey, vice president and
general manager, Climate Control Systems.  "Visteon's association with
Nichirin will offer customers significant advantages by combining our hose
coupling technology with Nichirin's expertise in chemicals, rubber and hoses."
    The joint venture will be located in Rychvald, Czech Republic.  The
operations will commence in late 2001.
    As part of a broader strategy for global leadership within the automotive
hose market and to support OEMs throughout the world, the letter of intent
originally governing this venture also calls for Visteon to purchase a 10
percent stake in Nichirin Company, Ltd., in the near future.
    This alliance combines Visteon's global sales, service, automotive hose
technology and extensive manufacturing locations with Nichirin's chemical,
rubber and hose material manufacturing and technological expertise.