Hankook invests in Korean auto supplier

Hahn & Co. CEO Scott Hahn described the acquisition as an “excellent fit within our existing portfolio and strategy. Customers of HVCC will continue to benefit from its globally renowned technology solutions, highly respected management team, strong balance sheet, dedication to innovation and expanding global market presence.

“Together in partnership with Hankook Tire, we believe we can help HVCC expand its customer base and global reach and further improve upon HVCC's operating efficiency and technological expertise. Both of our firms are confident that the current management team of HVCC will continue to deliver excellence to its customers, its employees and to its shareholders.”

Neither Visteon, Hahn & Co. nor Hankook disclosed the breakdown of the Hahn/Hankook ownership structure.

HVCC is described as a full-line supplier of automotive thermal management solutions. Its products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel-cell vehicle thermal systems.

The company maintains 36 manufacturing sites and four global technical centers in 19 countries; employment is about 15,500.

The transaction represents an enterprise value for HVCC of approximately 10.1 times EBITDA for the 12 months ended Sept. 30, 2014, Visteon said. HVCC is traded on the Korea Stock Exchange (KS: 018880)

Visteon said its management will provide greater details on the transaction on Jan. 13, 2015, at the Deutsche Bank 2015 Global Auto Industry Conference in Detroit.