X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DEARBORN, MI-Visteon Corp., a former arm of Ford Motor Co. that spun off into the second largest-private automotive supplier, is considering changes that couldinclude moving its headquarters. A change in location for the current building, which houses 460 employees, is just one of a number of restructuring ideas being bounced around the company, according to Gordon Cole, Visteon’s director of global publicaffairs.

“We’re exploring consolidating some people and facilities, but we haven’t made any decisions. Any decision now would be premature,’ Cole tells GlobeSt.com.

The talk of internal belt-tightening came on from the economy problems, Colesays. In December, Visteon is took a number of aggressive actions to address thesoftening of U.S. industry volumes. These include:

· A reduction in capital spending.

· An immediate hiring freeze.

· Eliminating most production overtime.

· And substantial reductions in all discretionary spending.

.The company also undertook a 30-day functional review of worldwide operations with a goal of reducing structure, eliminating redundancies and streamlining processes.

There are 21 Visteon facilities in Southeast Michigan, with 6,500 employees. Visteon’s executive and main office share a home headquarters town with its former owner, Ford, which it spun off from in June 2000.

Some reports have said the company may try to distance itself with the large automotive manufacturer, in order to expand its brand name. However, Cole said that couldn’t be further from the truth.

“Ford is our biggest customer. We wouldn’t want to leave them at all,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.