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Visteon separation to attract new work

Ford Motor Company is separating its Visteon Automotive Systems parts unit by distributing shares to shareholders, creating the world's third-largest automotive supplier.

The move is designed to make Visteon more flexible and able to compete for non-Ford components business, and follows the example set by Dephi Automotive, which was spun off from parent General Motors last year.

The £12bn turnover supplier will be headed by chairman Peter Pestillo, the veteran Ford executive, who is keen to generate new sources of income through non-Ford business.

“The decision by Ford is one that we have been prepared for since Visteon was launched,” said Mr Pestillo. It reflects chief executive Jac Nasser's objective to turn Ford into a consumer company, focusing on products and services.”

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