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Visteon Corp. announced last week that it would sell its climate control business to its Halla Climate Control Corp. joint venture for cash as South Korea's Mando Corp. plans an initial public offering to acquire Visteon's stake.
In a conference call with investors Wednesday, interim CEO Tim Leuliette said the focus is on consolidating Visteon's climate control operations into those of Halla, which together account for $4 billion in sales annually. Currently, Visteon attributes $800 million from its own engineering, he said.
Visteon said the transaction would achieve...