auto parts manufacturers,auto parts suppliers

Singapore: Tata Communications International Pte Ltd, a wholly owned subsidiary of Tata Communications Limited, has signed an equity joint venture agreement (EJV) with the shareholders of China Enterprise Communications Limited (CEC) for the acquisition of 50 per cent equity interest in CEC. This joint venture, which will become effective after the necessary approvals from the relevant government and regulatory bodies in China are obtained, will be the first-of-its-kind in the Chinese telecom sector post China’s entering the WTO.

“The strategic cooperation between China Enterprise Communications and Tata Communications was carried out under the background of economic globalisation, and the fact that China and India are driving the 21st century world economy. Through the cooperation with Tata Communications, we will focus on the development of the domestic market to provide high quality networking services to multinational enterprises in China as well as China’s domestic enterprises. We intend to grow the strength of the CEC brand,” said Zhu Jianhua, president and CEO of CEC.

CEC is a value-added telecommunications services and integrated IT solutions provider headquartered in Beijing, China. CEC was recently awarded a nationwide IP-VPN service licence by China’s Ministry of Information Industry (MII), the first telecom valued-added service licence granted to a non-facilities based service provider. CEC has network reach throughout China, with no regional restrictions on its service capabilities. CEC provides VPN connectivity reach into 347 cities in China, including a dual-pop presence in tier-one cities like Beijing, Shanghai, Guangzhou and Shenzhen. This reach complements Tata Communications’s VPN presence in 120 Indian cities and 19 other major business capitals in North America, Europe and Asia.

“Tata Communications is honoured to have this unique opportunity to establish an EJV with the shareholders of CEC and to become one of the first global telecom companies to attain this type of access to the Chinese market,” said Vinod Kumar, president, data and mobility services, Tata Communications. “Tata Communications understands and respects the complex, fast-changing and extremely competitive Chinese telecom environment and the needs of customers requiring seamless end-to-end connectivity. This is an innovative step in our ongoing effort to enable connectivity and managed services across strategic regions and emerging markets that are of high value to our global customers.”

“This is a historic investment,” said Camille Mendler, vice president of Yankee Group’s Enterprise Research Group. “Not only does it allow for the delivery of unprecedented reach into China and India for global enterprises, it also confirms Tata Communications’s leading position in service delivery to emerging markets.”

CEC is majority owned by China International Trust and Investment Corporation (CITIC); other investors of CEC include SASAC and CE-SCM. Tata Communications’s investment in CEC is subject to various closing conditions as well as approvals from and the relevant Chinese governmental and regulatory bodies, including but not limited to the MII and the Ministry of Commerce.

VAN BUREN TOWNSHIP, Mich., June 17, 2008 – Visteon Corporation (“Visteon”) (NYSE: VC) today announced the expiration of its previously announced tender offer (the “Tender Offer”) for up to $344,000,000 in aggregate principal amount of its 8.25 percent notes due August 2010 (“Old Notes”) and contemporaneous pricing of $206,386,000 in aggregate principal amount of new 12.25 percent senior notes due 2016 (“New Notes”). Visteon received tenders through the Automated Tender Offer Program (“ATOP”) from Eligible Holders (as defined below) of approximately 77.10 percent or $424,029,000 (“ATOP Tenders”) of the $550,000,000 of the aggregate principal amount of its 8.25 percent Senior Notes due 2010 (the “Old Notes”) as of 11:59 p.m., New York City time, on Monday, June 16, 2008 (“Expiration Date”). The Tender Offer was made upon the terms and subject to conditions set forth in the offer to purchase and the related letter of transmittal, each dated May 19, 2008. Pursuant to the terms and conditions set forth therein, in addition to tendering through ATOP, each Eligible Holder was required to send a validly completed and executed letter of transmittal to the Depositary.

The New Notes are senior unsecured obligations of Visteon Corporation and will be guaranteed by certain of its U.S. subsidiaries. The New Notes mature on Dec. 31, 2016, and will bear interest at a rate per annum equal to 12.25 percent. The New Notes include a put option pursuant to which a holder can require Visteon to repurchase all or a portion of such holder’s New Notes on Dec. 31, 2013 at 100 percent of the principal amount thereof plus accrued and unpaid interest to such date. All or a portion of the New Notes can be redeemed by Visteon (a) prior to Dec. 31, 2013, at par plus a make-whole premium and (b) on or after Dec. 31, 2013, at specified redemption prices, plus in each case accrued and unpaid interest, including, if applicable, liquidated damages on the principal amount of New Notes being redeemed. The notes were issued at a price of 91.621 to yield 14.50 percent.

The New Notes have not been and will not be registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

Visteon has satisfied all of the conditions to the Tender Offer and has accepted for purchase Old Notes on a pro rata basis with a pro ration factor of approximately 81.14 percent. Visteon has made the corresponding reductions to the amount of New Notes required to be purchased by each Eligible Holder in accordance with the terms of the offer to purchase. The settlement date for both the Tender Offer and the offering of the New Notes is expected to be Wednesday, June 18, 2008. 

As noted previously, each Eligible Holder who tendered Old Notes in the Tender Offer was required, as a condition to such Eligible Holder’s participation in the Tender Offer, to purchase a principal amount of Visteon’s New Notes equal to 60 percent of the aggregate principal amount of Old Notes purchased from such Eligible Holder pursuant to the Tender Offer. The Tender Offer and offering of New Notes were made only to holders of the Old Notes that are qualified institutional buyers and institutional accredited investors inside the United States, and to certain non-U.S. investors located outside the United States (”Eligible Holders”).

The total consideration for each $1,000 principal amount of Old Notes validly tendered and not validly withdrawn prior to Early Tender Deadline is $978.30 (”Total Consideration”), which includes an early tender payment of $40 per $1,000 principal amount of Old Notes tendered. Only Eligible Holders who validly tendered and did not validly withdraw Old Notes and committed to purchase the applicable amount of New Notes on or prior to Early Tender Deadline are eligible to receive the Total Consideration for such Notes purchased in the Tender Offer. Eligible Holders who validly tendered their Old Notes and committed to purchase the applicable amount of New Notes after the Early Tender Date and on or prior to the Expiration Date will be eligible to receive an amount, paid in cash, equal to the Total Consideration less the $40 Early Tender Payment per $1,000 principal amount of Old Notes tendered.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The tender offer and the offering of New Notes were made only pursuant to an offer to purchase, an offering memorandum and related letter of transmittal and only to such persons and in such jurisdictions as was permitted under applicable law

HERNDON, VA — Volkswagen of America, Inc. announced the grand opening of the Capitol Volkswagen Dealership in San Jose, California. Perfectly aligned with the demographics in the San Jose market, Capitol Volkswagen is set to become a key dealer for Volkswagen. To help celebrate the grand opening, Volkswagen Group of America’s President/CEO Stefan Jacoby, COO Mark Barnes, San Jose Mayor Chuck Reed, City Council Members, Members of the Chamber of Commerce and local business luminaries will be in attendance.

“We are extremely proud to celebrate the grand opening of the Capitol Volkswagen Dealership in San Jose,” said Mark Barnes, COO, Volkswagen of America, Inc. “Recognized for providing exceptional customer service in the Bay Area, Del Grande Dealer Group has demonstrated their continued commitment toward customer service over the past 30 years. The Del Grande Dealer Group’s newest acquisition is a premier Volkswagen dealership that is sure to make a significant impact on the San Jose marketplace.”

Making a special appearance at the opening, Stefan Jacoby will arrive in the Volkswagen Tiguan HyMotion concept vehicle. One of only two hydrogen powered Tiguans in the world, event guests will have the rare opportunity to view the HyMotion prototype. Embodying Volkswagen’s commitment toward research, innovation and sustainability, the Tiguan HyMotion is the brand’s first compact sports utility vehicle powered by a zero emissions electric motor generated by a hydrogen fuel cell.

In addition to the Tiguan HyMotion concept, Volkswagen will mark the dealership’s opening with dinner, drinks and live entertainment for all attendees to enjoy. Located at 911 Capitol Expressway Auto Mall, the new Del Grande Dealer Group’s Capitol Volkswagen VIP grand opening will be held June 11. A grand opening for the public will follow from June 12 through June 15, offering an array of great deals on the entire line-up of Volkswagen models. In addition, Capitol Volkswagen will be giving away a $25 gas card with a test drive while supplies last.

VAN BUREN TOWNSHIP, Mich., June 9, 2008 – Visteon Corporation (NYSE: VC), an industry leader in alternative refrigerants, has been chosen to present its expertise at the 2008 SAE Automotive Alternate Refrigerant Systems Symposium, June 9-12 in Scottsdale, Ariz.

As emissions from man-made greenhouse gasses (GHG) and their effect on the environment are a continued concern, the mobile air conditioning industry is investigating methods to reduce GHG emissions. The ninth SAE 2008 Alternate Refrigerant Systems Symposium is a forum at which companies like Visteon will to delve deeper into the issue.

Visteon is committed to developing safe and reliable climate control system and component solutions for the global automotive market. Visteon is committed to investigating the impact of new potential refrigerant alternatives and developing solutions for performance optimization. For example, at the 2006 conference, Visteon demonstrated two drivable vehicles – one using an R744-based air conditioning system and the other using Fluid H. Visteon’s most recent generation R744 system consumes less incremental fuel for A/C operation compared to conventional state-of-the-art R-134a systems.

As part of Visteon’s continuing alternative refrigerant systems development, Dr. John Meyer, a Visteon climate control technical fellow, will present a discussion on system enhancements for the use of HFO-R1234yf. The presentation is on Tuesday, June 10.

Dr. Meyer will discuss the refrigerant properties of R1234yf and resulting technologies and strategies to optimize system performance. R1234yf is being put forward as a possible near drop-in replacement for R-134a, the predominate refrigerant used in today’s mobile air conditioning systems. Dr. Meyer will present enhancement options that allow the R1234yf system performance to match that of R134a.  R1234yf has a global warming potential (GWP) rating of four, compared to a GWP of 1300 for R-134a, allowing it to meet the European legislation with the GWP limit of 150 (affects new vehicle types brought into the market as of 2011).

“As a global automotive supplier, Visteon has in-depth climate systems expertise and broad development capabilities enabling the company to supply components and system solutions for either R744 or R1234yf,” explains Joy Greenway, vice president of Visteon climate controls. “It’s a privilege to share our expertise at industry forums as important as this.”

Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 40,000 people.