IBM Signs $2 billion Services Contract with Visteon
IBM's Global Services Division and Visteon Corporation have announced that they have entered into a $2 billion contract for ten years, where IBM will take over Visteon's data technology operations. Visteon is an automobile parts supplier that was spun off in 2000 from the Ford Motor Company. A spokesperson for Visteon indicated that outsourcing its technology services to IBM is a part of weaning its interdependence on Ford. IBM's Armonk, New York operations will assume Visteon's network management, desktop support, customer support centers and application development. A number of Visteon employees will also become part of the IBM Armonk operations group. In its fourth quarter, nearly 78% of Visteon's revenue came from Ford, and Visteon still reported a loss of $34 million for that quarter.
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