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Visteon, Ford reach parts sourcing deal
Visteon, Ford reach parts sourcing deal
Posted on Monday, November 30th, 2009 at 1:08 PM EST. (Employee News)
Visteon Corp., a bankrupt maker of auto parts, reached an agreement to continue supplying Ford Motor Co. with parts while it sheds some of its plants, according to court documents, Reuters reported.
The agreement would allow Visteon to close or transfer to new owners its money-losing factories without disrupting operations at Ford, its former parent and biggest customer, the news service said. Under the deal, which must be approved by a bankruptcy court judge, Visteon would help Ford build up an inventory of parts and transfer to Ford licenses and the right to buy tools used to make the parts, according to court documents filed late last Wednesday, Reuters said.
In return, Ford would pay Visteon $8 million and help with the payment of raw materials and other costs, the news service said. The deal covers plants in Lansdale, Pennsylvania, Springfield, Ohio, and Monterrey, Mexico, the story said. (Reuters)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
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