Visteon Corporation Partners with Kayaba Industry To Develop Advanced Steering Systems
17 October 2000
Visteon Corporation Partners with Kayaba Industry To Develop Advanced Steering Systems
DEARBORN, Mich. and TOKYO, Oct. 17 In an effort to
cooperate globally for the development of market driven, cost efficient
steering components and systems, Visteon Corporation and Kayaba
Industry Company, Ltd., have signed a strategic partnership agreement with an
intent to design and develop the next generation of steering systems for the
automotive industry.
Both Visteon and Kayaba have complementary expertise in the areas of
design, manufacturing and sales of hydraulic and electric automotive steering
components and systems such as hydraulic power assisted steering, electrical
power assisted steering, pumps, gears and four-wheel steering systems.
Together the two companies anticipate strengthening their relationship with
OEM customers across the globe, combining Visteon's global reach with Kayaba's
strength within the Asia-Pacific region.
"Visteon is continually looking to find ways to expand aggressively into
the Asia-Pacific market with products and systems that are core to our
business," said Ed Buker, Visteon vice president and general manager, Chassis
Systems. "This strategic alliance with Kayaba will capitalize on our systems
expertise, while gaining Kayaba's support across the key Asia-Pacific customer
base."
This alliance allows for the companies to jointly pursue the cooperative
supply of components resulting in cost efficiencies, technology sharing and
global manufacturing support. It will provide the two companies the
opportunity to greatly shorten product development time, while achieving
significant manufacturing cost reduction.
"Kayaba is aiming to become a global systems supplier of automobile
steering products, similar to the shock absorber business. With a strategic
collaboration with Visteon, Kayaba anticipates maximum synergistic effects in
terms of R&D, production, and purchasing of components," said Junichi
Yamamoto, Kayaba's managing director, Automotive Parts Division. "This
alliance with Visteon will enhance quality, cost, and delivery of the
respective steering products and we are pleased to better serve existing and
new customers around the world."
Visteon 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.
Kayaba Industry Company Ltd. is the leading manufacturer of hydraulic
components and systems in Japan globally serving products for land, sea, and
air applications; automobiles, motorcycles, construction, material handling &
agricultural equipment, aircraft, rail & industrial equipment. Kayaba, with
worldwide employees of 5,800 is supplying products from seven business units
(divisions) with 15 manufacturing facilities in Japan and 12
manufacturing/sales facilities around the world.
This press release contains forward-looking statements made pursuant to
the Private Securities Litigation Reform Act of 1995. Words such as
"estimated" and "potentially" signify forward-looking statements. Forward-
looking statements are not guarantees of future results and conditions but
rather are subject to various risks and uncertainties, some of which are and
will be identified as "Risk Factors" in Visteon's SEC filings. See "Risk
Factors" section of Visteon's prospectus dated June 13, 2000 as filed with the
SEC on June 14, 2000. Should any risks and uncertainties develop into actual
events, these developments could have material adverse effects on Visteon's
business, financial condition and results of operations.