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Visteon CEO issues statement about HCC-Hyundai business

The following statement was issued by Timothy D. Leuliette, president and CEO of Visteon (VC) and Y.H. Park, president and CEO of Halla Climate Control, a Korea-based affiliate that is majority-owned by Visteon: "Certain recent media reports originating in Korea inaccurately characterized the state of the longtime successful business relationship between Halla Climate Control Corp. and Hyundai, and the strength of the overall HCC order book. HCC's order book with Hyundai, and with its overall customer base, continues to grow at a faster rate than the market we serve, and all indications are that this strong growth is expected to continue into the future. HCC's relationship with Hyundai remains strong and we expect it will be further strengthened with the integration of Visteon's climate business into HCC, which is targeted for completion in the first quarter of 2013. Furthermore, HCC expects to continue to grow its business globally as it invests and develops market-leading technologies widely desired by its customer base. HCC does not win 100 percent of Hyundai's climate business and does not participate in every Hyundai vehicle program; this would not be a realistic business model for any automaker with any supplier. HCC deeply values its ongoing relationship with Hyundai, as well as its ever-growing portfolio of customers, and will continue to deliver award-winning technologies, quality and value."