Press Releases:

From Visteon:

DEARBORN, Mich., June 5, 2000 - Pilkington plc, one of the world's leading glass manufacturers, and Visteon, one of the world's leading automotive systems suppliers, have signed a letter of intent to form a new glass company that will truly capture the innovative spirit and expertise of both companies.

By combining Visteon's strong customer base with Pilkington's global reach and advanced glass technologies, the joint venture will create a partnership that will be positioned for significant growth.

The two companies are negotiating the terms of a joint venture in which Pilkington would assume the majority ownership and management control of Visteon's Glass business. Negotiations are in the early stages with definitive agreements and approvals likely to take several months before they are finalized.

Visteon's Glass business, with annual revenues of $800 million, has four float furnaces based at plants in Tulsa, Okla., and Nashville Tenn., plus vehicle glass fabricating plants based in Tulsa, Nashville and Juarez, Mexico. Additionally, the business has a significant presence in the automotive glass replacement market under its strong 'Carlite' brand, and a commercial glass business that supplies architectural flat glass.

Under the terms of the agreement, the new company would be the major supplier of automotive glass to Ford Motor Company and Pilkington would provide technology to Ford and other Visteon customers. The new company also would assume Visteon's equity position in Vitroflex, Mexico and Penstone, Michigan.

Pilkington plc is a world leader in the development and manufacturing of glass products for the building, automotive and technical glass markets with operations in 22 countries in Europe, the Americas and Asia-Pacific.

Visteon is a leading full-service supplier that delivers consumer-driven technology solutions to automotive manufacturers worldwide and through multiple channels within the global automotive aftermarket. Visteon has a global delivery system of more than 130 technical, manufacturing, sales, and service facilities located in 23 countries. It has 81,000 employees working in three business segments: Dynamics and Energy Conversion; Comfort, Communication and Safety; and Glass.

From Pilkington:

Date: 05/06/00
Reference: IB/60/00

Press Information

PILKINGTON plc LINK WITH VISTEON CORPORATION TO FORM NEW GLASS COMPANY

Pilkington, one of the world's leading glass manufacturers, and Visteon Corporation, one of the world's leading automotive systems suppliers, have signed a letter of intent to form a new glass company.

By combining Pilkington's global reach and advanced glass technologies with Visteon's strong customer base, the joint venture will create a partnership that will be positioned for significant growth.

The two companies are negotiating the terms of a joint venture in which Pilkington would assume the majority ownership and management control of Visteon's glass business. Negotiations are in the early stages with definitive agreements and approvals likely to take several months before they are finalised.

The Visteon glass business, with annual revenues of $800 million, has four float lines based at plants in Tulsa, Oklahoma and Nashville, Tennessee, plus vehicle glass fabricating plants based in Tulsa, Nashville and Juarez, Mexico. Additionally, the business has a significant presence in the automotive glass replacement market under its strong "Carlite" brand, and a commercial glass business that supplies architectural flat glass.

Under the terms of the agreement, the new company would be the major supplier of automotive glass to Ford Motor Company and Pilkington would provide technology to Ford and other Visteon customers. The new company would also assume Visteon's equity positions in Vitroflex, Mexico and Penstone, Michigan.

Pilkington Chief Executive, Paolo Scaroni, said, "The opportunity to secure this venture fits exactly our growth strategy, creating a business with considerable profit potential in one of the largest glass markets in the world."