News
Visiocorp plc hires Houlihan Lokey investment bank |
• Target is the evaluation of strategic options including a possible sale
of the group
Portchester, UK (November 5, 2008) Visiocorp plc, the world’s leading manufacturer of rearview mirror systems for the automotive industry, today announced that it has hired the international investment bank Houlihan Lokey as its financial adviser to evaluate its strategic options, including a possible sale of the group.
In 2007, the company was successful in meeting a number of financial goals including the achievement of robust sales growth. However, in 2008 Visiocorp has experienced a growing number of issues especially caused by unforeseeable downfall of global market conditions which are leading to a difficult financial position.
Visiocorp’s management continues to implement actions aiming at helping the company to face these challenging times, including a scale down of operations, overhead reductions and extraordinary operational measures in relevant factories. Visiocorp aims the strategic review process to be completed in a relatively short timeframe and expects the outcome to deliver a much improved balance sheet and a beneficial long-term solution for all the company’s stakeholders.
Visiocorp plc, based in Portchester, UK, was created in 2007 from the former Schefenacker
AG and the Engelmann Group, and has nineteen factories across the world.
Media contact:
Visiocorp plc
Castle Trading Estate
East Street
Portchester
Hampshire PO16 9SD
United Kingdom
Phone: +44 (0) 2392 539 382
Email: press@visiocorp.com