Varroc Group has announced the acquisition of the Visteon equity interest in its China-based lighting Joint venture, Visteon TYC Auto Lamps Co., Ltd. TYC Brothers Ltd of Taiwan will remain the 50% partner in the new entity, named Varroc TYC Auto Lamps Co., Ltd. Speaking on the occasion, Tarang Jain, Managing Director, Varroc Group, said, “I am pleased with the acquisition completion. The transaction completes an important step in our strategic plan to focus on our core businesses and expand our footprint into China, the world’s largest automotive market.
“Varroc Group’s China entity will be part of Varroc Lighting Systems which was recently formed after Varroc Group’s acquisition of Visteon’s global automotive lighting business. This purchase price for equity stake of VTYC, on a cash-and debt-free basis, was approx. US$20 million. The deal includes manufacturing and engineering facilities in Changzhou and Chongqing. The sales revenue in 2012 for the China operations were USD $130 million, encompassing a wide range of exterior lighting products supplied to global vehicle manufacturers, including front and rear lighting systems. In total, about 1450 manufacturing, engineering and administrative employees are part of China operations.