Ford Sets Ratio of Visteon Stock
DEARBORN, Mich. (AP) _ Ford Motor Co. stockholders will get one share of Visteon Corp. stock for every 7.6 shares of Ford common stock they own, the automaker said Tuesday.
The shares of the soon to be spun off auto parts maker will go to Ford shareholders of record on Monday.
Visteon, with 1999 sales of $19.4 billion, will trade on the New York Stock Exchange when it becomes an independent company June 28 and be ranked among the top 100 companies on the Fortune 500.
Visteon earned $735 million on sales of $19.4 billion in 1999. But first-quarter 2000 profits slipped to $147 million from $205 million, reflecting a 5-percent price cut on parts sold to Ford _ the buyer of about 88 percent of Visteon products.
Visteon employs 81,000 people in more than 130 sites in 23 countries.