VAN BUREN TOWNSHIP, Mich. (AP) — Visteon Corp. said Thursday that the board of its South Korean affiliate Halla Climate Control Corp. has agreed to absorb most of Visteon's automotive climate business.
Terms were not disclosed. But Visteon already owns 70 percent of Halla and would own the same percentage of the combined business.
The combined business would be one of the largest global suppliers of automotive climate components and systems.
The board of Visteon, an auto parts supplier based in Van Buren Township, Mich., is expected to approve the deal soon.
The agreement, which was first outlined in September, is on track to close in the first quarter of 2013, Visteon said.
Visteon shares rose 3 cents to $53.90 in morning trading Thursday.