Visteon (Van Buren Township, Michigan / USA; www.visteon.com) has signed a non-binding memorandum of understanding with Huayu Automotive Systems (HASCO), the automotive components group of Shanghai Automotive Industry Corporation (SAIC), its joint venture partner in Yanfeng Visteon Automotive Trim Systems (YVF), that allows the tier-1 US automotive supplier to sell the majority of its global interiors business to YVF. Definitive agreements for the proposed sale are expected to be signed in early 2012.

The transaction, when completed, will result in a leading global interiors company within YVF, with an estimated annual revenue of around USD 4 bn. The combined venture will serve more than 30 customers from over 60 facilities in 16 countries.