Visteon Corporation Confirms Participation in Covisint Internet Exchange 
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Dearborn, Mich. - Visteon Corporation announced that it will participate in Covisint, the global on-line automotive purchasing exchange formed by Ford, DaimlerChrysler AG, General Motors, Nissan and Renault SA. 

The purpose of the exchange is to create an integrated supply chain for the worldwide automotive industry. Covisint will offer Visteon the ability to provide additional services for Electronic Data Interchange, enabling the corporation to conduct electronic transactions with customers and suppliers, while providing a high-level of security and confidentiality. Visteon is the world's second largest supplier of integrated automotive systems with $19.4 billion in revenues in 1999. Additionally, Visteon purchased more than $9 billion in goods and services last year. 

By joining Covisint, Visteon will build on the success it already has acquired in e-business and online procurement. In addition to cost savings, Visteon anticipates taking full advantage of the potential for Internet-based information sharing and virtual product development collaboration across the supply chain. 

In late May, the new venture officially was named Covisint. The U.S. Federal Trade Commission recently approved the formation of the venture. Covisint will operate as an independent company and will offer products and services designed to help automakers and suppliers achieve efficiencies throughout the supply chain. 

(September 14, 2000)