Visteon has no significant near-term debt maturities.“Visteon has a solid balance sheet and the necessary liquidity to withstand the storm while continuing to position the company for future growth,” said Visteon President and CEO Sachin Lawande. All rights reserved. “The battle against COVID-19 will be won through innovation and I’m proud that our global teams have pulled together to find ways to help protect those in the medical community who tirelessly and selflessly commit themselves to protecting us and our loved ones.”At scale, the company hopes to deliver up to 50,000 protective face shields and other personal protective equipment (PPE) to doctors and nurses in its communities. Visteon today announced a temporary four-month global salary reduction program; CEO salary will be reduced by 40%, the company’s Executive Committee by 30%, and non-employee Directors’ cash compensation by 30%.
Subject to local laws and regulations, all other employee salaries will be reduced by 20%.Given the uncertainty created by the growing impact of COVID-19 on the global automotive market, the company also announced that it is withdrawing the financial guidance provided in February 2020.The company is assisting the global battle against COVID-19 by using production lines at its state-of-the-art Palmela manufacturing facility in Portugal, usually dedicated to automotive cockpit electronics, to produce protective face shields. Visteon is a global leader in cockpit electronic products including digital instrument clusters, information displays, infotainment, head-up displays, telematics, SmartCore™ cockpit domain controllers, and the DriveCore™ autonomous driving platform. Visteon will donate the much-needed personal protective equipment to the community medical facilities in which our employees and their families live.“Nothing is more important to Visteon than the health and safety of our 11,000 employees who work and reside in 18 countries around the world,” said Visteon President and CEO Sachin Lawande. Learn more at This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Corporation. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to: (1) the duration and severity of the novel coronavirus (COVID-19) pandemic; (2) conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers or suppliers, including work stoppages, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; (3) our ability to satisfy future capital and liquidity requirements, including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us, our ability to comply with financial and other covenants in our credit agreements, and the continuation of acceptable supplier payment terms; (4) risks that the Company may be unable to implement its restructuring plans as anticipated on a timely basis or at all, that the expected amount of expenses and cash expenditures associated with the restructuring plans may exceed the Company’s projections, and that the Company may be unable to realize the full amount of estimated savings from the restructuring; (5) our ability to satisfy pension and other post-employment benefit obligations; (6) our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis; (7) our ability to execute on our transformational plans and cost-reduction initiatives in the amounts and on the timing contemplated; (8) general economic conditions, including changes in interest rates, currency exchange rates and fuel prices; (9) increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; (10) the impact of the coronavirus on our suppliers, our manufacturing facilities and automotive sales in China; and (11) those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019).
Visteon also delivers artificial intelligence-based technologies, connected car, cybersecurity, interior sensing, and embedded multimedia and smartphone connectivity software solutions.
How To Check Pch Temperature, Popshow Inc Twitter, Texas Rig Hook Set, Nursultan Nazarbayev Daughter, Sulli Funeral Photo, Chris Ellis Linkedin, Buy Hella Headlights, Sap Note 2654696, Jersey Shore Clip, Cam Stat Screen, Hp Internship 2020, Breda Watch 8171, Snow In Switzerland In May, Re/100 Hamma Hamma, Channing Frye Age, Best Forex Signal Providers Uk, Osage Avenue Philadelphia, Sheffield England Cutlery Stainless Steel, 2000 Romanian Leu To Gbp, Directions To Hazel Green Alabama, Nacho Libre Gif Chips, Prince Of Liechtenstein, Vista University Bloemfontein, Amphenol 12 Pin Connector, Modern Family Family Tree, Wyff Weather App, Andrew Carnegie Philanthropy Primary Sources, Trae Founders Fund, Is Graupel Dangerous, How To Measure Width, Tony Kornheiser Hat, Next - Too Close Album, Sonia Kruger Craig Mcpherson, Another Earth Ending Explained, Cygnett Power Bank, Nina Vs Apt, What Is The Hhs Oig And What Is Its Major Concern, Wisconsin Dells Fishing Spots, Luxury Escapes Bali Family, I'll Never Fall In Love Again Elvis Costello Chords, Italy 5G Network, Ct5-v Blackwing Manual, Dunsborough Beach Cottages Map, The Duke Of Bridgewater Huck Finn, Mercalli Scale Facts, Maria Sansone Instagram, Harlequins Women's Fixtures 2019/20, Marai Porul Meaning In Tamil, Ncaa Streaming Rights, How To Fillet A Northern Pike For Pickling, Nico Mirallegro Twitter, Jobs In Venice, Italy For English Speakers, Male Names That Mean Abyss, Bern Berkeley Helmet, Teavana Tea Starbucks, Dangerously In Love - Ynw Melly, Anthony Smith Jon Jones, Arduino Wifi Module, Kiev Nightlife Area, Nap Rico Van, Kind Definition Deutsch, Bluedata Acquisition Price, Tariq Owens Net Worth, Yellowfin Boats 26 Hybrid,