Ford agrees to sell auto parts plant |
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Mon, 02 Apr 2007 18:28
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DEARBORN, Mich. (AP) - Automaker Ford Motor Co. said Monday it has entered into an agreement to sell a Michigan auto parts plant to an affiliate of a China-based company, while it has closed the sale of a Mexico factory to another company.Financial terms for both transactions were not disclosed.Neapco LLC, a North America affiliate of China-based automotive parts maker Wanxiang Group, agreed to buy Ford's Monroe, Mich.-based plant, which produces driveshafts, catalytic converters and other parts.The plant has about 1,200 salaried and hourly employees. The deal is contingent on a new union agreement and state and local incentives.Ford also completed April 1 the sale of its automotive fuel rail factory in El Jarudo, Mexico to Cooper-Standard Automotive Inc. for an undisclosed sum. The plant employs about 450 hourly and salaried employees.Cooper-Standard, which is based in Novi, Mich., makes fluid handling and other systems for the automotive industry.Both plants were once a part of Visteon Corp., Ford's parts wing that was spun off into a separate company in 2000.But, in October 2005, Ford took back 17 plants and six other facilities and formed Automotive Components Holdings LLC with the intent of closing or selling them.Shares of Ford Motor added 10 cents to $7.99 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Auto parts maker to close, idling 780 