Float Manufacturers To Form New Company

Pilkington and Visteon Corp have signed a letter of intent to form a new glass company. Visteon is one of the world's leading suppliers of automotive systems and by combining its strong customer base with Pilkington's global reach and advanced glass technologies, the joint venture will create a partnership positioned for significant growth. The companies are negotiating terms of a joint venture through which Pilkington would assume the majority ownership and management control of Visteon's glass business. With plans still at an early stage, it is likely to be several months before terms are finalised.