Visteon, JCI & a New App
Last month, Johnson Controls made an unsolicited offer for the interiors and electronics businesses of Visteon Corp. The offer was $1.25-billion. Despite being in Chapter 11, Visteon’s board responded on June 1 with a letter that opens:
“The Board of Directors of Visteon has studied your proposal carefully and has unanimously concluded that our stakeholders, as well as our customers and employees, are best served by moving forward with our previously announced Plan of Reorganization to emerge from bankruptcy as a strong, independent, stand-alone company.”
And it went on to say that they’ve calculated that it “would accelerate other costs,” “negatively impact our creditors and leave equity holders further removed from any recovery,” and “involve a lengthy extension to the time we would remain in bankruptcy.”
Simply: Thanks but no thanks.
June 4: “Johnson Controls, Inc. confirmed that it sent a letter today to Visteon that it remains interested in pursuing its proposal.”
So what’s a company to do? Well, clearly among the most successful products out there right now are the iPhone and iPad, so Visteon announced today that it is selling an app, “TrafficJamCam” on the iTunes store. The app costs $2.99 and it allows users to see traffic camera images within one minute of their capture. They have specific apps for 17 U.S. metropolitan areas.
Now all they have to do is move some 418,060,200 of those apps, and they’ll hit $1.25-billion. And they’ll still have the electronics business that helped develop the app.
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