Ford, Visteon reach agreements on transfer deal

DETROIT (AP) -- Ford Motor Company is announcing final plans to take back unprofitable plants from auto parts maker Visteon Corporation, including a glass plant in Tulsa.<br/><br/>The two companies say

Tuesday, September 13th 2005, 11:50 am

By: News On 6

DETROIT (AP) -- Ford Motor Company is announcing final plans to take back unprofitable plants from auto parts maker Visteon Corporation, including a glass plant in Tulsa.

The two companies say in a statement that the transfer includes 17 plants and six offices, research centers and other facilities in the US and Mexico. The transfer back to Ford is expected to take place on October 1st.

The deal was first announced in May and calls for a temporary, Ford-managed business entity called Automotive Components Holdings to take control of the plants and facilities.

Visteon will lease about 5,000 salaried employees to the new company and the company will absorb 18,000 hourly employees now working in Visteon facilities.

The deal is meant to guarantee parts supplies to Ford plants while Automotive Components Holdings prepares to sell most of the facilities.

Visteon has failed to make a profit nearly every year since it was spun off from Ford and reported $1.5-billion in losses last year.