LONDON Ė Automotive supplier Visteon Corp., which is currently operating under Chapter 11 bankruptcy protection, has formed a joint venture with Avtopribor, one of Russia's largest automotive components suppliers.
Visteon Avtopribor Electronics is set to supply a wide range of cockpit electronics products to the growing Russian automotive market; including audio, infotainment, driver information and controls electronics.
Based in Vladimir, approximately 105 miles (170 kilometers) east of Moscow, Visteon Avtopribor Electronics, has both manufacturing and product development facilities and is set to supply the leading Russian vehicle makers, including Avtovaz, Gaz, Sollers. The joint venture is also engaging with global vehicle manufacturers, including Ford, that offer support or manufacture in Russia.
Avtopribor designs and manufactures wiper systems, instrument clusters, transmitters and gauges and other components for Russian automakers and global vehicle manufacturers with localized production in Russia. The company is located in Vladimir, Russia, and employs approximately 2,500 people. Visteon (Van Buren Township, Mich.) employs 28,500 and is seeking to raise approximately $700 million as part of a plan to allow it to emerge from Chapter 11.
"Visteon Avtopribor Electronics offers Visteon immediate access to the domestic Russian market through one of our established and highly respected partners," said Steve Meszaros, Visteon product group president. "Expanding into the important Russian market supports our strategy of offering our global customers fully localized products in markets where they are growing."
Related links and articles:
Visteon rejects takeover bid
Visteon files for chapter 11
Visteon opens Russia office to oversee factory construction