Auto parts supplier Visteon to close Laguna plant

Posted at 11/02/2012 3:35 PM | Updated as of 11/02/2012 3:35 PM

MANILA, Philippines -  Global auto parts supplier Visteon Corp. plans to cut costs in Europe and close plants around the world, including one in the Philippines this quarter.

A Reuters report said the plan was announced by Visteon chief executive Tim Leuliette after the firm earlier this week reported a nearly two-thirds decline in quarterly profit.

The auto parts supplier has a manufacturing plant in Sta. Rosa city in the province of Laguna, south of Manila.

The company's cost-cutting efforts are being done amid slowing demand for cars, specially in Europe.