Visteon Withdraws 2008 Views On Auto Production Cuts
At the end of October, the Ford Motor Co. (F) spinoff lowered its year view from product sales to $9.4 billion from $10 billion and declined to give 2009 guidance.
For months, auto suppliers have felt the impact of auto makers' efforts to pare down swollen inventories and turn around their operations, particularly in North America. Visteon has been cutting jobs and costs this year in an effort to mitigate the downturn's effects.
"We have taken aggressive actions over the past three years to restructure and improve our business, and we continue to take the actions necessary to align our manufacturing capacity and cost structure with the rapidly changing economic and market environment," Chairman and Chief Executive Donald J. Stebbins said.
In after-hours trading, Visteon shares were up 16% to 44 cents.
-By Jay Miller, Dow Jones Newswires; 201-938-2331; jay.miller@dowjones.com
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Publié le 19 Décembre 2008 Copyright © 2008 Dowjones
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