Visteon Corporation and PT Astra Otoparts, Tbk Announce Joint Venture in Indonesia to Supply Instrument Clusters
JAKARTA, Indonesia, Apr. 19, 2011 /PRNewswire/ —
New joint venture is set to bring leading technologies to one of the fastest-growing automotive markets in Southeast Asia
Visteon Corporation (NYSE: VC), a leading global automotive supplier, and PT Astra Otoparts, Tbk, an Indonesian market leader in automotive component manufacturing, today announced plans to form a new joint venture that will supply electronic instrument clusters to major automotive and motorcycle manufacturers in the rapidly expanding Indonesian market.
The new joint venture, PT Astra Visteon Indonesia, will be based in Citeureup, Bogor, and is scheduled to start production in the first quarter of 2012, following regulatory approvals. The joint venture is a 50-50 partnership between the two companies.
“The partnership between Visteon and Astra Otoparts brings complementary strengths to what is fast becoming one of the most exciting automotive markets in Southeast Asia,” said Steve Meszaros, Visteon product group president. “Visteon’s technology expertise combined with Astra Otoparts domestic leadership position will help us capitalize on the potential of the Indonesian market and enhance Visteon’s strong Asia presence and global reach.”
Focusing on instrument clusters for both two- and four-wheel vehicle applications, the new joint venture will engage with both domestic and global vehicle manufacturers based in the Indonesian market. Visteon is already an established supplier to global manufacturers of two-wheelers in Thailand and India, while Astra Otoparts has strong market knowledge and relationships in the Indonesia market.
“Astra Visteon Indonesia allows both companies to offer world-class products to our Indonesia-based customers and support their growth by supplying localized products,” said Siswanto Prawiroatmodjo, President Director of PT Astra Otoparts, Tbk.
The automotive market in Indonesia continues to deliver double-digit growth rates and is currently the world’s third largest two-wheeler market while the four-wheeler market is one of the fastest-growing in the region.
About Visteon Corporation
Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 26 countries and employs approximately 26,500 people. Learn more at www.visteon.com.
About PT Astra Otoparts, Tbk
PT Astra Otoparts, Tbk, headquartered in North Jakarta, Province of DKI Jakarta, Indonesia, is a leading Indonesian automotive components manufacturing and trading company. Its customers include all major car and motorcycle makers. The company has more than 31 subsidiaries and affiliates and employs approximately 32,939 people.
SOURCE: Visteon Corporation
CONTACT: Visteon – Media, Asia:
Annouk Ruffo Leduc
Visteon – Investor Relations,
PT Astra Otoparts
Tbk – Media