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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Varroc Engineering acquires Visteon

Varroc Engineering acquires Visteon Corporation’s global lighting business for $72 million

Varroc Engineering has acquired the US-based Visteon Corporation's global lighting business for $72 million. The new business entity will be called Varroc Lighting Systems and will continue to be led by Jeff Stevenson, based in Michigan, USA. Varroc Engineering , is a part of the USD 615 million Varroc Group, India's leading global provider of automotive components.
"This acquisition makes us the largest Indian automotive lighting manufacturer and the only lighting technology supplier in India. Visteon's Global Lighting Business has already posted revenue of USD 531 mn and we are expecting to cross the USD 1 bn mark by the end of FY 2013 to become one of the top three Automotive Components players in India," said Tarang Jain, MD - Varroc Group.
Varroc Lighting Systems will comprise of the manufacturing operations in Apodaca, Mexico, Novy Jicin and Rychvald, Czech Republic, and in Pune, India, besides the engineering centres and associated units in Europe, U.S.A. and India. The Group post the acquisition will have 31 manufacturing plants and 4 engineering facilities worldwide. Varroc continues to work aggressively to secure Visteon's 50% share in their China JV with Taiwanese partner, TYC, which will be part of a separate deal.
Globally, the automotive lighting business is around USD 9 Billion with a 5% - 6% CAGR. The acquisition has opened up the door for Varroc in the 4W lighting business, taking the company's market share in global lighting business to 6%. Varroc presently has strong presence in two wheeler lighting business.

The Varroc Group has envisioned reaching a 4 billion turnover by the year 2020 and is committed to invest in technologies and global capabilities to grow the business and expand their portfolio in the fast growing passenger car space with new technologies and skilled work force. Varroc Group will strengthen relationships with the Indian and global passenger aar OEMs such as Ford, GM, PSA, VW etc. and offer the next generation technologies to them.

 
     
 
   
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