Visteon Completes $3.6 Billion Deal, To Return Up To $2.6 Billion To Shareholders

Visteon Corp. said Tuesday it has completed the sale of its 70% stake in Halla Visteon Climate Control Corp. to a unit of Hahn & Co. for $3.6 billion. The car parts maker said it is now planning to return $2.5 billion to $2.6 billion to shareholders over the next 12 months, via share buybacks and special distributions. The company will get the ball rolling in the second quarter with a $500 million accelerated share buyback program. "With our strong cockpit electronics portfolio, diverse customer base and unrivaled global footprint, we are focused and well-positioned to support our customers in the new era of the connected vehicle," Chairman Francis Scricco said in a statement. Shares were up 0.5% in premarket trade, but are down 0.8% in the year so far, while the S&P 500 has gained 1%.