UPDATE 1-Visteon plans to sell interiors business to China JV

Newswire

* May sell business to JV with Huayu Automotive Systems

* Terms of the deal not disclosed

Nov 30 (Reuters) - U.S. auto parts supplier Visteon Corp said it could potentially sell a majority of its interiors business to its Chinese joint venture with Huayu Automotive Systems, creating a global automotive interiors company.

Definitive agreements for the proposed sale are targeted to be signed in early 2012, Visteon said in a statement, but did not disclose any financial terms.

The new company would have an estimated annual revenue of about $4 billion, serving more than 30 customers from facilities in 16 countries, the company said.

The joint venture, Yanfeng Visteon Automotive Trim Systems Co, designs and manufactures interior, exterior, seating, electronics and safety systems for automakers.

Shares of Visteon closed at $52.47 on Tuesday on the New York Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Esha Dey)

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