Socialist Worker

Murky tale of Visteon company sales gets clearer

Issue No. 2147

The company accounts obscure the real structure of Visteon UK, but they do reveal that it has links with a myriad of firms.

Last year a number of Visteon UK executives transferred their pensions to Visteon Engineering, a part of the group that is not being shut down. This protected their pensions while the workers have been told their pension fund has gone.

It is also unclear what has happened to the £8.5 million that the company got for selling the land of the Basildon plant.

As part of its planned rundown, Visteon broke up the company into a number of parts – and sold others off.

Stephen Gawne, a director of Visteon UK, was made a director of Automotive Products, a new car parts company, on 4 February.

The company is owned by Visteon International Holdings, and is registered to Visteon’s offices in Endeavour Drive, Basildon.

Some suspect there are plans to re-open the Basildon factory in a few months’ time through Automotive Products and employ new workers on lower wages.

Visteon claim it is solely “a potential holding company for tax planning purposes”.

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