Auto-parts manufacturer Visteon Corp. expects to report a loss of $1.2 billion in its second quarter after reducing the value of assets it will transfer to Ford Motor Co.
Visteon has labored to turn profits since spinning off from Ford in 2000, and in a deal announced earlier this summer, Ford agreed to help the company restructure by taking back 24 unprofitable North American plants. The deal is expected to close by the end of September. Visteon also announced last week that it might have to restate previous quarterly results after finding $77 million of accounting errors for freight expenses, material surcharges and supplier expenses.
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