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Decoma and Visteon announce successful conclusion of Conix joint venture

16 October 2000

Decoma and Visteon announce successful conclusion of Conix joint venture

    TORONTO, Oct. 16 /PRNewswire/ - Decoma International Inc.
and Visteon Corporation have successfully completed
the sale of Visteon's 49% interest in the "Conix Group" to Decoma. As the
result of this action, Decoma now owns 100% of the Conix Group, a manufacturer
of fascia, moulding and finishing components.
    The purchase price for the Visteon interest was US$140 million, which was
satisfied on closing by a cash payment of US$50 million and by the delivery of
9.5% subordinate debentures of Decoma totaling US$90 million due in 2003.
    "Decoma is pleased with the manner in which Decoma and Visteon were able
to conclude what has been a long and successful relationship", said Al Power,
President and Chief Executive Officer, Decoma International. "The purchase of
the Visteon minority interest will allow Decoma to consolidate the Conix Group
operations with those of its existing facilities and is expected to generate
significant strategic and operational synergies and cost savings
opportunities. "
    "Visteon has had a strong working relationship with Decoma on this
venture," said Steve Delaney, Vice President, Interior/Exterior Systems,
Visteon Corporation. "We believe it is in the best interest of both companies
to sell Visteon's minority interest in the Conix Group which will enable us to
reinvest the proceeds of the sale to other areas of our business."
    The Conix Group operates fascia moulding and finishing operations in
Canada, the United States, England and Belgium and has about 2,600 employees
worldwide. Sales of the Conix group for the fiscal year ending July 31, 2000,
were Cdn$720 million. Net earnings for the period were Cdn$31 million. Prior
to the completion of this transaction, the results of the Conix group were
reported by Decoma on a 51% proportionally consolidated basis. Visteon's
interest in Conix has been reported in overall Visteon results on an
unconsolidated basis.

    Decoma designs, engineers and manufactures automotive fascias and related
components, plastic body panels and exterior appearance systems for cars and
light trucks, principally for automobile manufacturers in North America,
Mexico and Europe. Decoma has approximately 5,900 employees in 14
manufacturing and engineering facilities in Canada, the United States, Mexico,
Belgium and England.

    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 a global delivery system of more than 130 technical, manufacturing, sales,
and service facilities located in 23 countries. It has 81,000 employees
working in three business segments: Dynamics and Energy Conversion; Comfort,
Communication and Safety; and Glass.

    This press release contains statements which, to the extent that they are
not recitations of historical fact, constitute "forward looking statements"
within the meaning of applicable securities legislation. The words "estimate,
anticipate, believe, expect" and similar expressions are intended to identify
forward looking statements. Such statements involve important risks and
uncertainties that may cause actual results or anticipated events to be
materially different from those expressed or implied herein. These factors
include, but are not limited to, industry cyclicality, changes in the economic
and competitive environments and changes in customer relationships. In this
regard, readers are referred to Decoma's and Visteon's respective SEC filings.

    Visteon news releases, photographs and product specification details
                      are available at http://www.visteon.com

    Decoma news releases are available at http://www.decoma.com