Visiocorp plc, the world’s leading manufacturer of rearview mirror systems for the automotive industry, today announced they have engaged Houlihan Lokey financial advisers to evaluate the company’s strategic options, including a possible sale of the group.
In 2007, Visiocorp were successful in meeting financial goals and achieved robust sales growth. However, in 2008 Visiocorp have run afoul of the global downturn in market conditions, and the firm now find themselves in a difficult financial position.
Visiocorp’s management are downscaling operations, reducing overhead, and otherwise maximising operating efficiency. The strategic review is meant to be completed quickly and the actions resulting from its recommendations are hoped to deliver a much improved balance sheet and a beneficial long-term solution for all the company’s stakeholders.
Visiocorp plc, based in Portchester, UK, was created in 2007 from the former Schefenacker AG and the Engelmann Group, and have nineteen factories across the world.