Visteon Corporation (NYSE: VC) and Huayu Automotive Systems Co., Ltd. (HASCO) today announced that after thorough discussions and a complete review of opportunities and options, the companies have agreed to terminate the nonbinding memorandum of understanding (MOU) with respect to a potential transaction that would have combined the majority of Visteon’s global interiors business with Yanfeng Visteon Automotive Trim Systems, Co. Ltd (YFV).
“In a thoughtful and productive way, both parties worked hard to move the agreement forward, but there were a number of items that kept us from doing so,” said Don Stebbins, Visteon chairman, chief executive officer and president. “Visteon will now seek alternative solutions to maximize value creation while maintaining a sharp focus on quality, technology development and innovation for our global customers, including Yanfeng Visteon. Creating value is our top priority.”