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    FISITA World Mobility Conference 2025: Key themes and concerns for the automotive industry
    One thing is abundantly clear after the FISITA World Mobility Conference (WMC) last week. Megatrends impact everything. No longer can chassis development, braking, safety validation and so forth stand alone without impact from the broader drive towards electrification, the AI revolution or SDVs, to name a few.  The event’s sessions gave the impression that electrification is already baked into the industry, particularly in Europe where the debate on (regulation-pushed) direction is ...
    Insights
    Beyond horsepower: Compute becomes the new competitive edge for OEMs
    Automotive compute power is becoming a defining metric of vehicle capability — not just for autonomy, but across cockpit systems, connectivity and life-cycle software deployment. As vehicles transition toward centralized electrical/electronic (E/E) architectures and software-defined platforms, silicon performance is now a core determinant of what a vehicle can do — and how long it will remain competitive in the field. Two metrics have emerged as industry standards for measuring this compu...
    Insights
    Hanon Systems reports 8.9% YOY increase in Q1 fiscal year 2025 net sales to $1.8 billion
    Hanon Systems, a subsidiary of Hankook & Company Group, has reported an 8.9% year-over-year increase in net sales to 2.6 trillion Korean won ($1.8 billion) in the first quarter ended March 31, 2025. The South Korean company, a specialist in automotive thermal systems, attributed higher sales to favorable foreign exchange rates and increased production volumes. Despite the increase in revenue, Hanon reported an operating profit of 20.9 billion won, representing a 68.5% ...
    News
    Hanon Systems names Soo Il Lee as CEO to boost global leadership
    Hanon Systems, a global provider of automotive thermal energy management solutions, has appointed Soo Il Lee as its new CEO, effective Jan. 3, the company announced in a press release. This announcement follows a recent shareholders and board of directors meeting, indicating a significant shift in leadership. Lee, who previously served as vice chairman of Hankook Tire, brings extensive expertise from the global mobility market to his new role. His leadership at Hankook Tire resulted in record...
    News
    Hankook & Co. Group acquires majority stake in Hanon Systems
    Hankook & Co. Group signed share purchase agreements with Hahn & Co. for the acquisition of majority stake in automotive thermal management systems supplier Hanon Systems on Oct. 31. The acquisition was made through Hankook & Co. Group's core business, Hankook Tire & Technology. The acquisition is expected to complete by the end of 2024. Following the acquisition, Hankook & Co. Group will own a 54.77% stake in Hanon Systems. Earlier in May, Hankook Tire’s board of direct...
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    Hanon Systems opens new plant in Ontario for EV component production
    Hanon Systems, a global automotive thermal management supplier, announced the establishment of a new plant in Woodbridge, Ontario, marking an expansion of its manufacturing capabilities in North America. Slated to begin production in the first half of 2025, the new facility is set to enhance the company's production of key electric vehicle components, such as electric scroll compressors vital for thermal management in hybrid and battery-electric vehicles. Spanning approximately 284,200 square...
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    Hanon Systems secures 600 billion won investment from Hankook Tire
    Hanon Systems, a global provider of automotive thermal energy management solutions, announced an expansion of its third-party allotment capital increase initially disclosed on May 3. With revised terms, the company plans to issue approximately 145 million shares at 4,139 won (about $3.15) each, raising a total of 600 billion won, exclusively funded by Hankook Tire & Technology. This adjustment increases the initial capital from 365.1 billion won to 600 billion won. The capital raised will...
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    Hanon Systems unveils 4th-generation heat pump for EVs
    Hanon Systems, a company specializing in automotive thermal and energy management solutions, has announced the development of the world's first 4th-generation heat-pump system designed for electric vehicles. This innovative system distinguishes itself through several key advancements aimed at enhancing the performance and efficiency of thermal management in EVs. One of the new system's primary features includes refrigerant and coolant components modularization, which not only reduces the over...
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    Hanon Systems opens new engineering center in Portugal
    Hanon Systems, a leading global automotive thermal management supplier, has inaugurated its new engineering center in Palmela, Portugal. The center is located on the company's compressor manufacturing campus in Palmela, which has been operational since 1998 in the Setúbal District, about 25 kilometers south of Lisbon. The engineering center offers 2,488 square meters of space and consolidates existing and new test operations, prototype assembly, and workspaces for engineering personnel. On-s...
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    Hanon Systems prioritizes sustainable EV solutions for winter comfort and performance
    Hanon Systems, a leading global automotive thermal management supplier, reaffirms its commitment to building a clean energy future through innovative electric vehicle solutions, such as heat pump systems and components. The company addresses concerns about EV driving range in winter conditions, which are critical for occupant comfort, and battery and power electronics performance, a PRNewswire release said Feb. 19. The company said its heat pump solutions have been shown to outperform competi...
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    Hanon Systems surpass 500,000 units production of R744 eCompressors in Portugal
    Global automotive thermal and energy management solutions supplier Hanon Systems said its automotive compressor plant in Palmela, Portugal, has surpassed a milestone production level of more than 500,000 electric compressors (eCompressors) designed specifically for use with R744, an environmentally-friendly refrigerant. The Palmela plant is located in the Setúbal District, about 25 kilometers (16 miles) south of Lisbon, the capital city of Portugal. It opened in 1998 producing mechanical scr...
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    Hanon Systems invests €117 million in Hungary, creating 250 jobs
    Hanon Systems, a leading Korean automotive thermal solution supplier, has announced an investment of €117 million to develop three of its sites in Hungary, creating 250 new jobs and launching a comprehensive training program, a press release from the Hungarian Investment Promotion Agency dated Dec 18. The investments will take place in Székesfehérvár, Pécs, and Rétság, to expand the company's manufacturing capacities for electric vehicle (EV) thermo parts and integrate digital technol...
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    Hanon Systems appoints Nurdal Kücükkaya and Ramachandran Nagasubramony as co-CEOs
    South Korean automotive thermal and energy-management solutions supplier Hanon Systems announced the appointment of two co-CEOs. According to a company press release dated August 10, its board of directors has approved the appointment of Nurdal Kücükkaya and Ramachandran (Subu) Nagasubramony as co-CEOs of the company with immediate effect. Significance: Nagasubramony was appointed co-CEO along with the promotion to president. He leads the company alongside President and Co-CEO Nurda...
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    Hanon Systems inaugurates new manufacturing facility in Gyeongju, Korea
    Hanon inaugurates its latest manufacturing site located in Naengcheon-ri, Oedong-eup, Gyeongju-si, Korea, it said in a press release on 26 November. The new plant will be the company’ first fully dedicated location to supply parts to carbon neutral vehicles in Korea. Significance: The new facility produces a range of solutions and components for electric vehicles (EVs) including heat pump systems and coolant valve assemblies that is supplied to the Ulsan plant of Hyundai Motor Group for the...
    News
    ACQUISITION: Hanon Systems completes acquisition of Keihin’s condenser business in Europe, North America
    Hanon Systems has announced it has completed the acquisition of condenser business from Keihin for certain operations in Europe and North America, according to a company press release dated 7 May. Financial details of the transaction were not disclosed. “This strategic acquisition expands our ability to supply automakers with condenser technology and further diversifies the customer base of Hanon Systems. Condensers continue to be an important heat exchanger technology in automotive thermal...
    News
    Hanon Systems FY 2020 sales slide 3.9% y/y to USD6.19 billion
    Automotive thermal components and systems supplier, Hanon Systems, has published its financial results for the full fiscal year 2020. According to the company’s annual report, Hanon Systems registered sales of KRW6.87 trillion (approximately USD6.19 billion) during FY 2020. This implies a reduction of 3.9% year-over-year (y/y) from the KRW7.15 trillion the company generated in net sales during the 2019 fiscal year. Hanon Systems recorded an operating income of KRW315.8 billion during FY 202...
    News
    Hanon Systems breaks ground on new manufacturing site in South Korea
    Global automotive supplier Hanon Systems has commenced construction on its new plant in Korea, according to a company press release on 1 March 2021. The plant, located in Naengcheon-ri, Oedong-eup, Gyeongju-si, will be built on approximately 33,000-square-meters (approximately 335,000-square-feet) of land. The company expects construction to complete in the second quarter of 2021 with production expected to begin in the third quarter. The plant will make heat pump modules and coolant valve assem...
    News
    Hanon Systems appoints Min Suk Sung as new CEO and president
    Hanon Systems has appointed Min Suk Sung as the company’s new CEO and president, according to a  company press release on 18 January. Min Suk Sung succeeds Jay Son, who will assume the new role of vice chairman. Min Suk Sung serves as colead of the company along with corporate president Nurdal Kücükkaya. Hanon Systems chairman of the Board and chairman of Hahn & Company, the company's majority shareholder, Yeo-Eul Yoon said, "Hanon Systems is well-positioned to continue deliverin...
    News
    Hanon supplies R744 heat pump components for Volkswagen's MEB platform
    Thermal and energy management components supplier Hanon Systems has announced that it will be supplying its R744 heat pump components to the Volkswagen (VW) Group for its global MEB platform. According to a press release issued by Hanon Systems on 30 November, the company stated that these components were designed specifically for battery-powered and electric vehicles, and that they enable a single solution that delivers cabin comfort in cold or warm conditions with low power consumpti...
    News
    Heat recovery system fitment to be driven by D-segment vehicles in the medium-term
    Automotive OEMs need to make more effort to improve the overall efficiency of their model range, and this fact is more emphatic in the case of electric vehicles because of their limited driving range. Automobiles have always had the necessity to dissipate excess heat, and the A/C heater core was one of the first examples of heat recovery―it worked by harvesting heat from the internal combustion engine (ICE) and redirecting it into the heating, ventilation, and air conditioning (HVAC) module to...
    Insights
    Increased electrification to drive demand for newer types of A/C condensers
    Comfort almost always ranks quite high in the list of criteria for customers looking to purchase a new vehicle, and carmakers have always invested significant time, effort, and money in making sure their vehicles’ A/C or climate control systems function as best as possible. In addition to heating up or cooling down the passenger cabin rapidly and efficiently, automotive A/C systems have evolved into multifunctional units that also filter out particulates, such as pollen and harmful pollutants,...
    Insights
    Hanon Systems inaugurates new production facility for thermal management solutions in China
    Hanon Systems has opened a new facility - Chongqing Hanon Jianshe Automotive Thermal Systems Co., Ltd - to produce thermal management solutions in China, according to a company press release on 23 May. The new 38,000 m2 facility will supply variable swashplate compressors and heat pump systems to Changan Automobile, a subsidiary of China South Industries Group Corporation (CSGC). The company also plans to produce heating ventilation and air conditioning (HVAC) modules and powertrain cooling...
    News
    Magna completes sale of its Fluid Pressure & Controls business to Hanon Systems
    Magna has completed the sale of its Fluid Pressure & Controls (FP&C) business to Hanon Systems, the company announced in a press release on 29 March. Hanon will take over 10 manufacturing and engineering facilities from Magna across Europe, North America, and Asia, and approximately 4,200 employees. Significance: Magna first announced the deal with Hanon Systems in September last year. At the time, it was announced that the deal has been valued at USD1.23 billion before the assum...
    News
    Coupled air conditioning hose and tube system – a look into the technology and market dynamics of the component.
    As light vehicle cabins have become more sophisticated, advanced, and comfort-oriented over the years, driven by increasing customer expectations, automotive air conditioning systems have transitioned from an optional comfort feature in the earlier years to a necessity in today’s competitive automotive market. The HVAC system must ensure thermal comfort of passengers by controlling temperature and humidity in the cabin, while simultaneously aiding all-around visibility in a wide range of clima...
    Insights
    Hanon Systems appoints Jeong Won Son as president and CEO
    Hanon Systems has appointed Jeong Won Son as its new president and CEO, the company announced in a press release on 17 December. Son will succeed In-Young Lee, who has been the representative executive officer and CEO of Hanon since July 2015. Lee will retire from his role at the end of 2018 and continue to act as an executive advisor to the company. Hanon has also appointed Nurdal Kücükkaya as president and Min Suk Sung as executive vice president. All three appointments will be effective ...
    News
    Hanon Systems invests in solid-state battery company Solid Power
    Hanon Systems has invested in US-based solid-state battery technology company Solid Power, the South Korea-based automotive supplier announced in a press release on 23 October. The investment is part of a special-purpose vehicle initiated by Volta Energy Technologies, which specializes in identifying and investing in breakthrough energy technology by bringing together investors with complementary strategic interests, and validating the technologies through leading institutions including Argonne ...
    News
    Growing importance of battery cooling in full hybrid and electric vehicles and the longer-term prospect for further trend disruption.
    While it is inevitable that powertrain migration from an ICE to EV will be the endgame to meet the increasingly stringent regulations, the consensus in the industry is that talk about the complete demise of ICE technology is somewhat premature. The IHS Markit forecast indicates that one in five vehicles by 2025 will be either a BEV or full HEV. A significant portion of the APV numbers will be made up of full HEVs, meaning ICE technology will continue to find application, although the ICE fitted ...
    Insights
    Hanon Systems to acquire Magna's global Fluid Pressure & Controls Business
    Hanon Systems has signed an agreement with Magna to acquire its global Fluid Pressure & Controls Business, the company announced in a press release on 20 September. The deal has been valued at USD1.23 billion before the assumption of net debt and pension liabilities at closing, and subject to customary closing adjustments for net working capital. Hanon will take over 10 manufacturing and engineering facilities from Magna across Europe, North America and Asia, and approximately 4,200 employee...
    News
    Hanon Systems opens ‘anechoic’ and ‘electromagnetic compatibility’ testing center in South Korea
    Hanon Systems has opened an ‘anechoic’ and an ‘electromagnetic compatibility’ (EMC) testing facility at Asia Pacific Innovation Center in Daejeon, South Korea, the company announced in a press release on 27 June. The new anechoic building covers an area of 2,000 square meters and includes three new anechoic chambers, whereas the EMC facility is nearly 300 square meters. Hanon Systems has invested KRW15 billion (USD13.4 million) for setting up the new testing facilities. “This invest...
    News
    Hanon System selected to Ford's network of strategic suppliers
    South Korea-based Hanon System has been selected by Ford to its Aligned Business Framework (ABF) network of strategic suppliers, the company announced in a press release on 31 May. “To join this elite group of strategic suppliers to Ford is an honor and a privilege. We respect this appointment and will prove worthy to retain this important designation by demonstrating our steadfast commitment and continued focus to exceed Ford’s expectations across all aspects of our business,” said I...
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    Hanon Systems finalizes JV with FAWER Automotive
    Hanon Systems has signed an official agreement with China-based FAWER Automotive Parts Limited to form a new joint venture (JV), the South Korean company said in a press release on 23 January. The new JV, Hanon FAWER Automotive Component (HFAC), will initially produce electric compressors, followed by fluid transport components, and exhaust gas recirculation (EGR) modules and components from a manufacturing site in Changchun, China. The JV is expected to begin production of electric compres...
    News
    Hanon Systems relocates American Innovation Center to Michigan
    Hanon Systems has relocated its American Innovation Center to Michigan, in the United States, to support expansion of its operations, the company announced in a press release on 11 January. Through the relocation, Hanon Systems is also consolidating its existing Southeast Michigan sites into a single location to increase efficiency. The new facility is spread over an area of 217,000 square feet with nearly three times more laboratory space to build, test, analyze and develop thermal products. Th...
    News
    Hanon Systems to form JV with FAWER Automotive Parts in China
    South Korea-based Hanon Systems has entered into an agreement to form a joint venture (JV) with China-based FAWER Automotive Parts Limited Company, the company announced in a press release on 28 December. The new JV, Hanon FAWER Automotive Component (HFAC), will manufacture electric compressors, fluid transport components, and exhaust gas recirculation modules and components from a manufacturing site in Changchun, China. Hanon Systems will hold a 55% stake in HFAC, and FAWER will hold the remain...
    News
    Hanon Systems forms JV with China-based CSGC for thermal solutions
    Hanon System has formed a joint venture (JV) with China South Industries Group Corporation (CSGC) to supply air conditioning and eco-friendly solutions to Changan Automobile Group, a subsidiary of CSGC, Hanon announced in a press release on 11 October. The new JV will be formed by Hanon Systems, and two subsidiaries of CSGC, namely Chongqing Jianshe Motorcycle and Chongqing Jianshe Mechanical & Electrical Equipment. Hanon Systems will hold a 50% interest stake in the JV. Two subsidiaries ...
    News
    Hanon Systems develops intelligent air quality solutions
    South Korean auto component maker Hanon Systems has developed an in-cabin intelligent air quality system, the company announced in a press release on 28 March. The solution includes Ultraviolet (UV) LED photocatalyst, CO2 sensor, Ionizer and Fragrance system. It has also developed a multi-function air purifier that can be integrated in areas such as the armrest. The company will showcase these solutions at 2017 Seoul Motor Show. "Our focus is to apply market insights, a system and vehicle-level ...
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    Seoul Motor Show 2017: Hanon Systems to showcase e-mobility solutions
    South Korean automotive thermal solutions supplier Hanon Systems will showcase its product for alternative fuel vehicles at the Seoul Motor Show 2017, the company announced in a press release on 27 March. The company will present solutions such as heat pump system, electric compressor, battery thermal management, and centrifugal air compressor. "The company is well-positioned with a suite of components and system solutions that deliver vehicle cabin comfort and enhance powertrain efficiency for ...
    News
    Manufacturing footprints of thermal components
    For vehicles, thermal management plays a crucial part. With continuously increasing gadgetry in modern vehicles, the average temperature in the engine compartment has seen significant increase. It is important to divert the heat away from passengers as well as from certain components that may be negatively impacted by excessive temperatures. The HVAC module cools the air in the cabin of the vehicle through the use of an evaporator. The refrigerant in its liquid state at high pressure is expanded...
    Insights
    Hanon Systems expands compressor manufacturing operations in India
    Hanon Systems, a heating ventilation and air-conditioning systems manufacturer, has expanded its manufacturing plant in Chennai (India) to manufacture the HRS compressor, its new rotary suction compressor technology, the company said in a press release on 12 September. The HRS compressor is the latest series of fixed-type rotary suction compressors. Compared to conventional rotary suction technology, HRS delivers comparable cooling capacity in a smaller package, and is durable and lightweight...
    News
    Increased supplier concentration in HVAC Module Space
    The global automotive heating ventilation and air conditioning (HVAC) module market has been changing in the last few years. Currently, the market is dominated by five prominent players -- Denso, Mahle, Valeo, Hanon Systems and Calsonic Kansei – catering to ten major automakers. Between them, the five companies account for close to 80% of the market, amounting to USD8.4 billion of business.  As the pie chart shows, Denso has the largest share of the HVAC module market at USD3.2 billion...
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    Hanon Systems forms JV with Chinese firm Shandong Binzhou
    South Korea-based Hanon Systems will form a joint venture with China's Shandong Binzhou Bohai Piston to launch a new auto component company in China, according to a report byKorean Herald. The two companies will invest nearly CNY33 million (USD5 million) in the new entity, in which Hanon Systems will hold 49% stake. The report said that the new firm will supply air conditioning units to Beijing Benz, the manufacturer of Mercedes Benz vehicles in China. Significance: China plays an importan...
    News
    Hanon Systems inaugurates ‘climatic wind tunnel’ facility at technical center in South Korea
    Hanon Systems, a provider of automotive thermal solutions, has inaugurated a ‘climatic wind tunnel’ facility at its technical centre in Daejeon, South Korea, according to a company press release on 23 June. The new facility will expand the company's capabilities to include real-world simulation testing of air-conditioning, heating and engine cooling performance. The multi-story facility, spanning a1,740-square metre area, includes sophisticated data acquisition equipment, a fan capable of ge...
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    EDITORIAL – Visteon sharpens R&D focus on core business strategy
    Automotive electronics supplier Visteon has narrowed and sharpened its research and development (R&D) focus on five emerging technology areas – cybersecurity, driver monitoring systems, vehicle to infrastructure (V2I) data links for autonomous vehicles, gesture control and other user interface, and electronic control units (ECUs) for infotainment, reports Automotive News. According to the US-based supplier, each of these five areas is a high priority for the entire automotive industry, not...
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    Hankook to supply OE tires for BMW 7 Series; company explores more acquisitions
    Hankook Tire has been selected as one of the original equipment (OE) suppliers for the all-new BMW 7 Series, the South Korean tire-maker said in a press release. The company will supply its Ventus S1 evo2 in sizes of 245/50R18 Y*RSC (Runflat Safety Component), alongside an optional performance summer mobility mixed in size of 245/45R19 Y*RSC front and 275/40R9 Y*RSC rear axle. In addition, Hankook will supply BMW 7 Series winter tire in size of 245/50R18 H *RSC on all four wheels. “We are prou...
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    Visteon sharpens R&D focus on five emerging trends – report
    Automotive electronics supplier Visteon has narrowed and sharpened its research and development (R&D) focus on five emerging technology areas – cybersecurity, driver monitoring systems, vehicle to infrastructure (V2I) data links for autonomous vehicles, gesture control and other user interface, and electronic control units (ECUs) for infotainment, reports Automotive News. According to the US-based supplier, each of these five areas is a high priority for the entire automotive industry, not...
    News
    Investments (Issue 1, 2016)
    Company Region Area of operation Investment Comment Anhui Jianghuai Automobile Company (JAC) Algeria Light-Truck Production USD128 million Anhui Jianghuai Automobile Company (JAC) has signed an agreement with its distributor Emin Auto to set up a light-duty truck assembly plant in Algeri...
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    Hanon Systems to open new HVAC modules plant in US
    Hanon Systems, formerly known as Halla Visteon Climate Control (HVCC), announced plans to open a new plant in Ohio, United States to manufacture heating, ventilation and air-conditioning (HVAC) modules, according to a company’s press release on 7 January. The Korean supplier has leased a facility in Carey, Wyandot County, Ohio, which includes manufacturing space of 95,000 square feet, with room for further expansion. The facility will initially produce injection moulds and assemble eco-friendl...
    News
    Visteon announces USD500 million stock buyback, USD1.75 billion cash distribution
    Visteon has announced that its board of directors has authorized a special cash distribution for shareholders amounting to USD1.75 billion, or USD43.40 per share; the amount will be payable on 22 January 2016. Along with the cash distribution, the board approved a USD500 million stock buyback programme, available through 31 December 2016. "The approximate USD1.75 billion distribution and USD500 million share repurchase programme are consistent with the previously announced plan to return USD2.5 ...
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    The Indian Automotive Supply Base
    Speed bumps The supplierindustry has had to manoevre a couple of rough patches in the recent past, especially in FY 2008/09, during the global economic slowdown, and more recently in FY 2013/14, owing to a slowdown in economy and vehicle sales and production in India. According to an estimate, more than 40% of production capacity remained unused during 2012-2014 due to subdued demand for new vehicles. The commercial vehicle industry has had a relatively tougher time with production declining...
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    Hanon Systems to start operations at new Mexican plant in Q2 2016
    Hanon Systems, formerly known as Halla Visteon Climate Control, is gearing up to start production at a new manufacturing plant in Monterrey, Nuevo Leon (Mexico), in the second quarter of 2016, the company announced in a press release on 30 October. The new plant, Climate Systems Mexicana, S.A. de C.V., will produce heating, ventilation and air conditioning (HVAC) units and cooling modules for various models of Kia Motors. The plant has 8,300 square metre manufacturing space and has room for furt...
    News
    EDITORIAL – Suppliers’ new tech shows evolutionary approach to autonomous vehicles
    This week, Mitsubishi Electric announced that it has developed a new technology capable of detecting absent-mindedness and other cognitive distractions in drivers. The technology makes use of a type of machine-learning algorithm called deep learning that helps analyse time-series data such as information about the vehicle (steering) and driver (heart rate and facial orientation). The technology detects cognitive distractions if the driver's actions differ drastically from the algorithm-based pre...
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    Visteon signs agreement to sell automotive interiors plant in Germany
    In a management buyout deal, Visteon has agreed to sell its automotive interiors plant in Berlin, Germany, to APCH Automotive Plastic Component Holding GmbH (APCH) effective 1 December 2015, the company announced in a press release on Friday (30 October). Visteon’s Berlin plant, managed by Visteon Deutschland GmbH and APTUS GmbH, was the only remaining automotive interior asset that was not covered in the company’s divesture of global interior business to Reydel Automotive Holding in 2014. A...
    News
    Visteon shopping for collision-avoidance technology – report
    Visteon is interested in getting into night vision and vehicle-to-infrastructure technologies through acquisition, to increase its collision-avoidance product portfolio, reports Automotive News. The publication interviewed Visteon CEO Sachin Lawande, who said that Visteon is not looking to develop a complete collision-avoidance system, but looking at product niches.  “We will focus on technologies where we have room to differentiate. We have to be careful to pick our areas of focus,...
    News
    The growth of ‘unit-only’ acquisitions within automotive and the core business strategy
    Grupo Antolin has closed its USD535 million deal for Magna’s interiors businesses. A Grupo Antolin statement says that the business will become a new business unit within Grupo Antolin, headquartered near Munich, Germany. With this purchase, Grupo Antolin’s sales will double to more than EUR4 billion (USD4.4 billion). Grupo Antolin will add the new unit, called ‘Cockpits and Interior Trim’, alongside its existing interiors businesses; Overhead Systems, Doors, Seating and Lighting. Th...
    Insights
    EDITORIAL - Grupo Antolin purchase of Magna interiors typifies current trend in unit acquisitions
    Grupo Antolin has closed its USD535 million deal for Magna’s interiors businesses. A Grupo Antolin statement says that the business will become a new business unit within Grupo Antolin, headquartered near Munich, Germany. With this purchase, Grupo Antolin’s sales will double to more than EUR4 billion (USD4.4 billion). Grupo Antolin will add the new unit, called ‘Cockpits and Interior Trim’, alongside its existing interiors businesses; Overhead Systems, Doors, Seating and Lighting. Th...
    News
    Visteon reports 61% y/y sales increase to USD817 million in Q2
    Visteon has reported worldwide sales in the second quarter of USD812 million, up 61% year on year (y/y) from USD503 million in the same period last year, with an additional USD933 million of sales classified as discontinued operations. The auto-parts supplier's electronics sales increased by USD337 million to USD780 million, attributed to the acquisition of Johnson Controls' global automotive electronics business, which was effective on 1 July 2014. In the second quarter, the company delivered a...
    News
    Cooper-Standard appoints Brigit R. Anthony as VP, engineering and technology, North America
    Cooper-Standard has appointed Brigit R. Anthony as vice-president, engineering and technology, North America, effective yesterday (3 August), said a company press release. Based at Cooper Standard's North American headquarters in Novi, Michigan (United States), she will report to Bill Pumphrey, senior vice-president and president of North America. In this new position, Anthony will lead the North American team of over 300 engineers, scientists and technicians in engineering and technical centres...
    News
    Halla Visteon to open new production line for thermal engine control parts in Canada
    Halla Visteon Canada will open a new thermal engine control parts production line at its plant in Belleville, Ontario (Canada), reports betakit.com. The company will adopt new technologies and manufacturing processes to produce electronic throttle bodies and electronic coolant valves at the new production line. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has granted USD2.175 million to support the opening of the production line. The move will result in addition ...
    News
    EDITORIAL – Johnson Controls set to make long planned exit from automotive
    Johnson Controls (JCI) has announced plans to spin off its automotive seating unit, creating and an independent, publicly traded company. Bruce McDonald, Johnson Controls' vice chairman and executive vice president, will become chairman and CEO of the new business. The new company will remain a major player in the automotive industry; the automotive part of Johnson Controls’ business reported USD22 billion in revenue in 2014. JCI has been steadily reducing its exposure to the auto industry...
    News
    Halla Visteon changes corporate name to Hanon Systems
    South Korean automotive component supplier Halla Visteon Climate Control Corporation last week (24 July) announced that it had changed its corporate name to Hanon Systems. The company said that the new name was intended to focus on its thermal management business, and it also revealed a new corporate identity and slogan – "Accelerating Innovation" – as well as a redesigned company website reflecting the new name. In-Young Lee, CEO of Hanon Systems, said, "Today, with our new ownership and ma...
    News
    Visteon to close facility in US' Michigan state – report
    Visteon will permanently close its facility in Holland, Michigan (United states) due to loss of customer business and competitive pressure to consolidate its business operations, the company said in a notice to Michigan government on 30 June. As per the Worker Adjustment and Retraining Notification filed with the state, Visteon said the closure will affect 151 employees beginning 1 September 2015. Visteon said in the notice that the employees do not have union bumping rights and they will be sep...
    News
    EDITORIAL – Johnson Controls auto business sell-off announcement shows an industry focusing on core competencies
    This last week, Johnson Controls (JCI) announced that it was exploring strategic options for the sell-off of its automotive business. In a statement, Alex Molinari, chairman and CEO, said, “Today’s announcement continues our strategy of proactive portfolio management to drive focus on strategic product-oriented businesses where we can be a global market leader, drive more profitable growth and deliver maximum long-term value for our customers and shareholders." Molinari believes selling ...
    News
    Visteon completes sale of HVCC to Hahn & Co. and Hankook Tire
    Visteon has completed the sale of its approximately 70%  stake in Halla Visteon Climate Control (HVCC) to an affiliate of Hahn & Company and Hankook Tire, for USD3.6 billion, according to a company press release yesterday (9 June). “With our strong cockpit electronics portfolio, diverse customer base and unrivalled global footprint, we are focused and well-positioned to support our customers in the new era of the connected vehicle. We are also pleased to deliver meaningful returns to ...
    News
    Visteon reports 18.1% y/y sales increase in Q1
    Visteon has reported worldwide sales in the first quarter of USD2.02 billion, up 18.1% year on year (y/y) from USD1.71 billion in the same period a year earlier, with a greater loss from discontinued operations (USD23 million) compared with the first quarter of 2014 (USD6 million). The US-based global automotive parts supplier delivered a gross margin of 10.4% in the first quarters of both 2015 and 2014. Net income over the first quarter reached USD50 million, up from USD19 million in the same p...
    News
    Hankook Tire reports 21.9% y/y decline in Q1 operating profit
    Hankook Tire has reported a 21.9% year-on-year (y/y) reduction in its operating profit during the first quarter of 2015. In a statement sent to IHS Automotive, the tyre-maker said its quarterly operating profit stood at KRW203.2 billion (USD189.1 million) during the three-month period. Sales revenues during the quarter contracted 11.3% y/y to KRW1.49 trillion. The company attributed the drop in revenues and operating profit to slower economic growth in China and currency fluctuations in Europe ...
    News
    Visteon, Codethink partners for development of in-vehicle software
    Visteon is teaming up with UK-based Linux software specialist Codethink to improve the long-term traceability and reproducibility of software used in in-vehicle infotainment product, the two companies said in a joint press release. The two companies have developed a unified approach to collect and integrate Linux ecosystem source code across the wide range of third party and open source components used in Visteon’s infotainment projects with automakers. The approach combines key elements o...
    News
    ASEAN countries use targeted regulations to attract investment
    The automotive industry in the ASEAN countries is currently in a growth phase. If considered as one unit, the ASEAN region is the world’s seventh largest automotive market after China, the United States, Japan, Brazil, Russia and Germany. The top five countries in ASEAN – Thailand, Indonesia, Malaysia, Vietnam, the Philippines – boast total vehicle sales of 3.19 million units in 2014, which is likely to increase by one-third to around 5.3 million units by 2020, according to IHS forecast. I...
    Insights
    Investments (Issue 3, 2015)
    Company Region Area of operation Investment Comment Borgwarner Mexico Exhaust gas recirculation (EGR) modules, ignition coils and coolant control valves - BorgWarner  is expanding manufacturing capability at its Ramos-Arizpe, Mexico, facility. The expansion will produce exhaust gas ...
    Insights
    Halla Visteon Climate Control to showcase new products at 2015 Seoul Motor Show
    Halla Visteon Climate Control Corp (HVCC) will display new products for eco-friendly vehicles at the 2015 Seoul Motor Show, says a press release. The company will present heat pump system for electric vehicles (EVs), centrifugal air compressor for hydrogen fuel cell electric vehicles (FCEVs) and CO2 sensor. The company will also debut a technology demonstration vehicle, which allows visitors to experience the future of smart thermal solutions. Additionally, HVCC will exhibit HV iCOOL™ solution...
    News
    Visteon receives all antitrust approvals for Halla Visteon Climate Control stake sale
    Visteon Corporation has received all antitrust approvals that were required for sale of approximately 70% ownership interest in Halla Visteon Climate Control (HVCC) to an affiliate of Hahn & Company, a South Korea-based private equity company, and Hankook Tire, according to the company’s press release on 27 March. Post completion of the deal, Visteon will return between USD2.5 billion and USD2.75 billion of cash to its shareholders through share buybacks and a distribution plan, which will...
    News
    Hankook to enter auto parts business through HVCC
    Hankook Tire plans to diversify its business domain into the car parts sector, according to The Korea Herald. The company, which acquired a 19.49% stake in Halla Visteon Climate Control (HVCC) in December last year, will soon participate in the management of the latter. Significance: HVCC has been a global supplier of automotive thermal management solutions and has the majority of clients in common with Hankook. In line with its plans for expansion into new business with HVCC, Hankook’s CE...
    News
    Halla Visteon begins production at Sanand plant in India
    Halla Visteon Climate Control (HVCC) has begun production at its new facility in Sanand, Gujarat, India, said a company press release yesterday (10 March). Spread across a manufacturing area of 8,890 square metres (95,691 square feet), the facility has an annual capacity to produce two million units of heat exchangers, heating, ventilation and air-conditioning (HVAC) modules and air-conditioning lines. The Sanand plant will cater to the needs of OEMs in Gujarat and western India. The new...
    News
    Visteon reports USD295 million net loss in 2014
    Visteon reported net loss of USD295 million during the year ended 31 December 2014, compared to net income of USD690 million for the year ended 31 December 2013, according to a company’s press release. The company’s sales were up 19% year-on-year (y/y) to USD7.5 billion, while income from continuing operations before tax was down 71% y/y to USD261 million. The company reported 37.2% y/y increase in research and development expenses to USD446 million. Segmentally, Climate sales increased ...
    News
    Hankook Tire reports flat operating profit in 2014 as sales drops 5.5% y/y to USD6.1 billion
    Hankook Tire has reported a 5.5% year-over-year (y/y) drop in sales to KRW6.68 trillion (USD6.08 billion, 31 December 2014) in the financial year ended 31 December 2014 compared with KRW7.07 trillion (USD6.65 billion, 31 December 2013) a year earlier, the leading South Korean tiremaker said in a press release. Despite lower sales, the company managed to report operating profit of KRW1.03 trillion (USD938.1 million), as recorded in the previous financial year, while its operating margin inched up...
    News
    Visteon reaches agreement to sell Halla stake to Hahn, Hankook Tire
    Visteon confirmed yesterday (17 December) that it will sell its ownership stake in Halla Visteon Climate Control (HVCC) to Hahn & Company and South Korean tire-maker Hankook Tire, after speculation for several weeks. The deal will be valued at around USD3.6 billion and is expected to be completed in the first half of 2015. Visteon says HVCC customers will “continue to benefit from the company’s well-recognised leadership team, innovative thermal management solutions, and expanding market...
    News
    Hankook Tire may join Hahn to acquire Halla Visteon Climate Control – report
    South Korea-based tire-maker Hankook Tire may team up with private equity firm Hahn & Company to acquire a majority stake in Halla Visteon Climate Control Corporation (HVCC), reports Bloomberg. Hankook Tire is currently in talks with the private equity player about a partnership to acquire a 70% stake in HVCC, which is currently held by Visteon. The report cited an e-mail response from Hankook Tire, adding that in the event of the deal going through, Hankook Tire will have preferred purchasi...
    News
    Halla Visteon Climate Control introduces HV iCool™ technology
    Halla Visteon Climate Control Corp (HVCC) has developed the HV iCool™, the company's first integrated climate control system combining the HVAC, compressor and condenser into one unit, says a company press release. HV iCool™ creates interior space by enabling the heating and cooling system to be located away from the instrument panel in non-traditional places such as under the driver’s seat or in the luggage compartment. This product is suitable for electric vehicles where it can impro...
    News
    Halla still interested in buying Halla Visteon Climate Control, suggests CEO—report
    Halla Holdings' CEO Im Kee Young has shown interest in buying back its former car heater and air-conditioner maker, Halla Visteon Climate Control (HVCC), according to an interview given to Bloomberg. Hahn & Co.'s offer for 70% of the former Halla unit "hasn't damped our interest in buying back the company...The price that's been circulating in the media seems too high," said Im. Significance: Earlier this week, Visteon confirmed that it is currently in discussions with Korea-based pr...
    News
    Visteon confirms talks with Hahn & Co for stake sale in Halla Visteon Climate Control
    Visteon has confirmed that it is currently in discussions with Korea-based private equity firm Hahn & Company for a potential sale of its ownership interest in Halla Visteon Climate Control Corp. (HVCC), the company said in a press release on 25 November. Visteon, however, said that "there can be no assurance these discussions will result in any transaction or on what terms any such transaction may occur". Visteon said, "Visteon undertakes no obligation to provide further updates and does no...
    News
    South Korean fund Hahn & Co considers buying shares in Halla Visteon Climate Control – report
    Hahn & Co, a South Korean fund, is weighing options to buy shares in Halla Visteon Climate Control Corp (HVCC) from Visteon Corp., reports Bloomberg citing an unidentified person familiar with the talks. The deal is valued at KRW3.55 trillion (USD3.18 billion, 25 November 2014) based on the stock’s last close, the report said. Visteon has a controlling 70% stake in HVCC. Reuters reported, citing Korean media reports, that Visteon has signed a preliminary agreement to sell its stake in HVCC...
    News
    Halla Visteon expands manufacturing facility in Czech Republic
    Halla Visteon Climate Control has opened a new production hall at its Halla Visteon Autopal, s.r.o. manufacturing facility in Hluk, Czech Republic, according to a company press release. The addition of the new production hall, spanning across 7,330 square metres, has increased the total area of the existing facility to 44,560 square metres. Consequently, the production capacity of the facility has increased by approximately 30%. The company expects production to commence in the first q...
    News
    Halla Visteon Climate Control to start production at new Mexican plant this month
    Halla Visteon Climate Control (HVCC) will start production at a new plant, Climate Systems Mexicana, S.A. de C.V in Querétaro, central Mexico, starting this month, reports the company’s press release. The company intends to support the growing demand for its products in the region by starting the operations at the new facility. YH Park, HVCC president and CEO said, “The strategic location of this facility will strengthen the company’s ability to support vehicle manufacturers located i...
    News
    Mergers and acquisitions (Issue 6, 2014)
    Acquirer Acquired Business Sector Comment 3M Sumitomo 3M joint-venture Chemical 3M has entered into an agreement with Sumitomo Electric to acquire the latter’s 25% stake in their joint-venture (JV), Sumitomo 3M, for JPY90 billion (USD884.8 million). After the completion of the latest transaction, Sumitomo 3M will become a wholly...
    Insights
    Halla Visteon begins production at Brazilian plant
    Halla Visteon Climate Control has begun production at its plant in São Paulo, Brazil, according to a company press release. The plant in Atibaia assembles heating, ventilation and air conditioning components for the regional auto industry. The company marked start of production with a ceremony on 13 August. YH Park, president and CEO of Halla Visteon Climate Control said, "This new facility in Brazil represents an important expansion of HVCC's global footprint to capitalize on business opportun...
    News
    Halla Visteon Climate Control completes takeover of Cooper-Standard’s thermal and emissions product lines
    Halla Visteon Climate Control (HVCC) has completed acquisition of automotive thermal and emission product lines of Cooper-Standard, the company said in a press release. The acquisition was announced by the both suppliers on 30 June this year. “We are pleased to have completed this acquisition, which provides HVCC with additional technologies that have a solid reputation, and that strengthen our ability to provide thermal energy management systems and modules to support customers’ global plat...
    News
    Visteon completes acquisition of Johnson Controls’ Automotive Electronics business
    Visteon has completed the acquisition of the automotive electronics business of Johnson Controls, according to a company press release. The transaction valued at USD265 million was announced in January this year and involves around 5,000 employees. The acquisition significantly strengthens Visteon’s presence in the USD3-billion global vehicle cockpit electronics market through expanding manufacturing and engineering footprint, product line and customer base.  “This acquisition is a ...
    News
    Cooper-Standard agrees to sell thermal and emissions line to Visteon
    Cooper-Standard Automotive has agreed to sell its thermal and emissions product line to Visteon Corp's Halla Visteon Climate Control Corp (HVCC), according to an HVCC announcement. The cash transaction is valued at USD46 million and is targeted for completion in the third quarter of 2014; the valuation is subject to adjustment, and certain regulatory and other approvals. HVCC will acquire a range of automotive products to support increased fuel efficiency and reduced emissions, including exhaust...
    News
    Halla Visteon to acquire Japan Climate Systems Nanjing
    Halla Visteon Climate Control Corporation (HVCC) has announced that it has formed an agreement to acquire a joint venture of Japan Climate Systems (JCS) in China. In a statement issued 3 June, HVCC states that it will acquire 51% of JCS Nanjing to become the majority stakeholder in that company. The transaction is for USD6.4 million and is expected to be complete in the third quarter (Q3) of 2014, following the approval from regulatory authorities. "We are pleased to have reached an agreement to...
    News
    Investments (Issue 4, 2014)
    Company Region Area of operation Comment Continental United States Electronic parking brakes (EPB) Continental has invested USD35 million for expanding its Henderson County manufacturing plant in Fletcher, North Carolina, United States, to meet surging demand for electronic parking brake (EPB) according to a press release. The exp...
    Insights
    Visteon opens new Innovation Center in United States
    Visteon has opened a new 7,600-square foot Innovation Center at its sprawling US headquarters in Van Buren Township, Michigan. The facility includes a technology showroom and conferencing area, design studio, collaboration space, and an experience lab. In a statement, president and CEO Timothy D. Leuliette said, "the Innovation Centre is a reflection of Visteon's global vision for developing leading-edge technology in our core cockpit electronics and climate businesses. It provides a welcoming a...
    News
    Visteon’s 2013 net income zooms to USD690m on one-time gain
    Visteon’s net income zoomed to USD513m in the fourth quarter ended 31 December 2013 compared with USD39m during the same period a year ago, according to a company’s press release. The significant increase in net income was due to a one-time gain of USD465m related to sale of its 50% stake in Yanfeng Visteon Automotive Trim Systems (YFV). One-time gain also helped the company to report income before income taxes of USD611m compared with USD79m in Q4 2012. The company reported a 7.4% y/y i...
    News
    Halla Visteon Climate Control supplies components for Hyundai Tucson FCEV
    Halla Visteon Climate Control is supplying components for Hyundai’s Tucson fuel-cell electric vehicle (FCEV), said a press release. The company is supplying a centrifugal air compressor, coolant heater, high-voltage cooling module and positive temperature coefficient (PTC) heater, and an HVAC system with an electric compressor. The centrifugal air compressor offers clean pressurised air to the fuel cell stack. The product features a high-speed brushless DC motor with a patented, oil-free, and ...
    News
    Investments (Issue 1, 2014)
    Company Region Area of operation Comment BASF South Korea Coatings BASF will establish a compounding plant for engineering plastics in Yesan, Chung Nam province (South Korea). The plant will produce BASF’s Ultramid® polyamide and Ultradur® polybutylene terephthalate (PBT) compounds for engineering plastics used in several indu...
    Insights
    Visteon sells complete stake in Chinese JV to Huayu Automotive
    Visteon has completed the sale of its 50% stake in its Chinese joint-venture (JV) Yanfeng Visteon Automotive Trim Systems (YFV) to Huayu Automotive Systems (HASCO), says a company press release. Visteon expects to receive more than USD1bn in total after-tax proceeds after a series of transactions. The sale of YFV stake is the largest part of a series of transactions that also includes the sale of certain other interiors JVs.  Visteon is also acquiring a controlling interest in Yanfeng Viste...
    News
    Halla Visteon to establish new manufacturing plant in Brazil
    Halla Visteon Climate Control (HVCC) will set up a new manufacturing plant in Atibaia, São Paulo (Brazil), to meet growing demand for its heating, ventilation and air conditioning (HVAC) components in the region, the company said in a press release. “We are pleased to further expand HVCC’s global footprint to South America and capitalise on business growth in this region,” said Brian G. Sullivan, president of HVCC in the Americas. The plant, HVCC Climatizações do Brasil Indústria ...
    News
    Halla Visteon expands manufacturing facility in Czech Republic
    Halla Visteon Climate Control has opened a new production hall at its Hluk facility in the Czech Republic, says a company press release. This expansion will increase the Hluk facility’s production capacity for exhaust gas recirculation (EGR) coolers and radiators for European automakers by approximately 20%. “The plant expansion and its upgraded production and assembly operations allow us to continue to serve our customers with the highest quality products,” said YH Park, president and CEO...
    News
    Visteon launches tablet information display on 2014 Mazda3
    Visteon has launched its first tablet information display on the new 2014 Mazda3, which is sold in Japan as Mazda Axela, the company said in a press release. The industry’s first automotive tablet information display from the company’s Electronics division has brought the style and appeal of consumer electronics display into the vehicle. The tablet information display design replicates a consumer electronic (CE) tablet by incorporating a thin and flat surface. The information display inc...
    News
    CIE Automotive to open plant in Russia to manufacture aluminium parts
    CIE Automotive has received approval from the Russian Ministry for Economic Development to open a plant in Togliatti in the Samara region of Russia, reports Itar-Tass news agency. The company will invest RUB1.9bn (USD59.5m, 21 October 2013) in the facility which will produce aluminium parts for car engines.  CIE Automotive will begin construction of the plant in the first quarter of next year and expects production to begin in the third quarter of 2015. Significance: Use of aluminium in...
    News
    US DoE awards USD45m to push R&D for vehicle technologies
    The US Department of Energy (DoE) on Wednesday (4 September) said it will dish out USD45m in grants to fast track the research and development (R&D) of fuel-efficient automotive technologies, reports The Detroit News. The 38 projects will focus on five major areas –advanced lightweighting and propulsion materials (USD10.2m), advanced heating, ventilation, and air conditioning systems (USD4m), fuels and lubricants (USD2.5m), power electronics (USD8m) and advanced batteries (USD22.5). In add...
    News
    Halla Visteon begins manufacturing operations in Russia
    Halla Visteon Climate Control (HVCC) started manufacturing operation at its new plant in Togliatti, in Samara region (Russia) in August this year, according to a press release by Visteon which owns 70% in HVCC. The plant, Halla Visteon Rus LLC, is located about 1,000km southeast of Moscow. It assembles cooling modules and heating, ventilation and air conditioning (HVAC) units for automakers in Russia. The plant is expected to have 300 employees over a three year period. “It [the plant] is idea...
    News
    Halla Visteon Climate Control (HVCC) Global to supply air conditioning systems for Tesla's Model S
    Halla Visteon Climate Control (HVCC) Global has gained the contract to supply air conditioning systems to electric car manufacturer Tesla Motors for its Model S sedan, reports the Korea Economic Daily. The South Korean supplier will supply 40,000 air conditioning systems to Tesla from 2014. Significance: The contract comes on the back of HVCC's efforts to acquire more European and US customers as it aims to reduce its reliance on Hyundai and Kia, which are forecasting more moderate sales ...
    News
    Visteon to sell stake in Chinese JV to Huayu Automotive; to gain control of JV’s electronics business
    Visteon has entered into an agreement to sell its 50% stake in the Chinese joint-venture (JV) Yanfeng Visteon Automotive Trim Systems Co., Ltd. (YFV) to JV partner Huayu Automotive Systems Co., Ltd (HASCO), the company said in a press release. The company will also sell its direct interest in other related interior JVs to HASCO. In addition, Visteon and HASCO agreed to modify their electronic JV, Yanfeng Visteon Electronics Co., Ltd (YFVE) which will result in the US partner gaining majority con...
    News
    Denso starts construction of new plant in South Korea
    Denso has started construction of a new manufacturing plant in South Korea to supply Hyundai and its sister enterprises, reports Bloomberg. The leading Japanese supplier intends to invest KRW400bn (USD350m) in South Korea by 2020 in order to increase sales to Korean automakers. Denso supplies its Korean customers with smart keys and head-up displays. Significance: Denso is an affiliate of Toyota Motors, which is also its biggest customer. The automaker accounted for half of Denso’s sales i...
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