These inflationarypressureshave placedsignificantoperationalandfinancialburdensonautomotivesuppliersat alllevels,andareexpected tocontinue forthe foreseeablefuture. As one of the lairgest faimily-controlled companies in the world, the Ford Motor Company haes been in continuous faimily control for ower 100 years. However, tax expenses and benefits are not recognized on a global basisbut rather on a jurisdictional basis. More than 237,000 volunteering hours were donated by current and retired employees across more than 1,700 community projects in 40 countries. ShejoinedtheCompany inJanuary1998as Associate Director, Global Marketing, Sales and Service for the Ford account. The Companyrecordspricereductionswhenspecific facts and circumstances indicate that a price reduction is probable and the amounts are reasonably estimable.
With mor e than 100 new pr oduct launches in 2011, the list goes on and on. Accordingly, the entire automotive supply chain must balance resources and production capacity to most efficiently address diverse consumer needs and preferences as well as unique market dynamics. Ifthe Company is unable to obtain any necessary waivers and the debt under the credit agreements is accelerated, it would have a material adverse effect on the financial condition and future operating performance. Further, this inflationary pressure, combined with other factors, has adversely impacted the financial condition of several domestic automotive suppliers, resulting in several significant supplier bankruptcies. Prior to that, he was Director, Global Business Practices since joining the Company in October 2005. The globalautomotivesectoralsoexperienceda significantuptick in governmentalregulationover vehiclesafety during2010,asevidencedbytheU. Toyota awarded Visteon the Technology and Development Award.
The r oster of customers that have selected V isteon technology for key vehicle pr ograms is long and impr essive. The Company also provides integrated control panel assemblieswhich incorporate audio, climate and other feature controls to allow customers to deliver unique interior styling options and electrical architecture flexibility. The Company designs and manufactures a complete line of climate control moduleswith capability to provide full system integration. This allows for design cost savings and further scale of economies through the production of a greater number of models from each platform. This requires increased electronic and technical content such as in-vehicle communication, navigation and entertainment capabilities.
The new Visteon is ideally positioned to apply our automotive intellect — our ability to conceive, design and manufacture breakthrough solutions — for customers in the dynamic global auto industry. Therefore, the consolidated financial statements subsequent to the Effective Date will not be comparable to the consolidated financial statements prior to the Effective Date. Accordingly, suppliers must be able to reduce their operating costs in order to maintain profitability. Actions to mitigate inflationary pressures with customers include collaboration on alternative product designs and material specifications, contractual price escalation clauses and negotiated customer recoveries. Or, send us an e-mail at investor visteon.
Ages are as of March 1, 2011: Name Age Position Donald J. Interiors Product Group The Company is one of the leading global suppliers of cockpit modules, instrument panels, door and console modules and interior trim components. The Company also works with technology development partners, including customers, to develop technological capabilities and new products and applications. Manufacturing performance, purchasing improvement efforts, and restructuringactivitiesalongwithbenefitsassociatedwiththeterminationofCompany-paidbenefitsunder certain U. The Company could be negatively impacted by supplier shortages. Our manufacturing and engineering presence is among the best in the world and in 2010 we expanded our reach, launching facilities in China, India, Morocco and Russia. The Company is also subject to environmental laws requiring the investigation and cleanup of environmentalcontamination at properties it presentlyowns or operates and at third-party disposal or treatment facilities to which these sites send or arranged to send hazardous waste.
In addition, cuts in production schedules are also sometimes announced by customers with little advance notice, making it difficult for suppliers to respond with corresponding cost reductions. Liabilities Subject to Compromise September 30 2010 Plan of Reorganization Settlements Reorganization Gain October 1, 2010 Dollars in Millions Debt. Our versatile consoles allow global automakers to offer consumers a wide range of storage options tailored to their individual needs. Product cost of sales were 87% of product net sales for the three-month Successor period of 2010, comparedto82% for thesameperiodof2009. The Companyexperiencedwork stoppages of varying lengths in Europe and Asia during the past three years.
These stoppages primarily were either national in nature, aimed at customers or were in anticipation of Company restructuring activities at particular facilities. To read our latest Sustainability Report, visit. Developments or assertions by or against the Company relating to intellectual property rights could materially impact its business. A Forwar d-Thinking Company , Staying a Step Ahead With the industry emphasizing new environmental, functionality and cost priorities, auto manufacturers are turning to Visteon for innovative solutions. The increase was primarily attributable to Yanfeng Visteon Automotive Trim Systems Co, Ltd. The Company has previously experienced declines in interest rates and pension asset values.
OnApril13,2010,theCircuitCourtgrantedthemotiontoexpediteanddeniedthemotion for stay pending appeal. Several other globalautomotive manufacturers are also experiencing operating and profitability issues and labor concerns. In September 2012, Ford revealed its new version of the , and in January 2013 the new Cargo heavy truck was unveiled. Additionally, thirdquarter automotive production traditionally is lower as new vehicle models enter production. IftheCompanyweretoexperienceasignificantorprolongedshortageofcritical componentsfromany of its suppliers,particularly those who are sole sources, and could not procure the componentsfromothersources,theCompanywouldbeunabletomeet itsproductionschedules forsome of its key products or to ship such products to its customers in a timely fashion, which would adversely affect sales, margins, and customer relations. Prior to that, she was Vice President, North American Customer Group and Global Communications since January 2008. As of April 1, 2011 Donald J.
Our leading-edge technology has generated a solid new business backlog, and our strong business partnerships and strategic alliances provide a competitive advantage in technology and global presence. Customers in Europe historically shut downvehicleproductionduringaportion ofAugustandoneweek inDecember. New plants and expansions have bolstered our ability to support automakers on global platforms and those targeted for regional markets. Developed on a mid-size vehicle C-segment platform, it convincingly demonstrates a wealth of ideas for future mobility and connectivity. Yahoo is part of Oath. The Company has an aggressive cost reduction program that focuses on reducing its total costs, which are intended to offset customer pricereductions.