Visteon Plans to Raise $1.5 Billion in Offering

Ford Motor Co.’s Visteon automotive parts unit said it expected to raise about $1.5 billion through a stock offering this summer after its spinoff as an independent company. But the continuing supply relationship with Ford is expected to hold back profitability in 2000 and beyond, the company said. Dearborn, Mich.-based Visteon said agreements granting price cuts to Ford, which accounted for about 88% of its sales in 1999, would “significantly” lower profitability.

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