VAN BUREN TOWNSHIP, Mich. (AP) — Visteon Corp. said Monday that it plans to invest in Wuhu Bonaire Auto Electrical Systems Co. Ltd., a major supplier to Chinese automaker Chery Automobile Co. Ltd.
Financial terms were not disclosed.
The Van Buren Township, Mich. auto supplier said the investment will boost its climate product capabilities and market presence in China, while strengthening its business relationship with Chery.
Founded in 2003, Bonaire develops and manufactures heating, ventilation and air conditioning systems and engine cooling systems. Under the new ownership structure, Bonaire will become a manufacturing hub for Visteon. The business is located close to Chery in Wuhu and has more than 700 employees, Visteon said.