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Visteon Ends Discussion of Glass Venture with Pilkington

6 November 2000

Visteon Ends Discussion of Glass Venture with Pilkington

    DEARBORN, Mich., Nov. 3 Visteon Corporation and
Pilkington plc have announced that they have amicably ended discussions that
would have resulted in the sale of Visteon's glass segment to Pilkington.
    "We are very disappointed that we could not come to an agreement regarding
this venture," said Visteon Chairman and CEO Peter J. Pestillo.  "We remain
committed to developing an acceptable business solution for our glass
operations.  The UAW understands Visteon's business equation and has agreed to
work with us on finding the best alternative that will protect our customers,
our overall business, and our employees."
    Pilkington plc and Visteon signed a letter of intent in June to explore
forming a new glass company.  As the two companies progressed through the
extensive due diligence process, a number of factors contributed to ending the
negotiations.
    As a result, Visteon and Pilkington have agreed to withdraw from these
discussions effective immediately, as they were unable to reach an acceptable
definitive agreement.  Visteon remains committed to continuing to supply the
highest quality products and best possible service to its automotive and
architectural customers, as the corporation determines the best business
solution for its glass operations.
    Under terms of the agreement, Pilkington would have assumed majority
ownership and management control of Visteon's Glass business, including its
four float furnaces based at plants in Tulsa, Okla., Nashville, Tenn., plus
vehicle glass fabricating plants based in Tulsa, Nashville, and Juarez,
Mexico.