Ford agrees to sale of driveshaft business to Chinese group
Ford Motor Co. says it is selling a operation that makes vehicle driveshafts to China's Wanxiang Group.
By Agencies |
DEARBORN (MICHIGAN): Ford Motor Co. says it is selling a operation that makes vehicle driveshafts to China's Wanxiang Group.
The operation is part of Automotive Components Holdings LLC, which Ford created in 2005 to manage 17 plants that Ford reacquired from a struggling Visteon Corp. as part of a bailout agreement for the supplier. Ford spun off Visteon in 2000.
Ford says officials signed a deal Wednesday to sell the Monroe-based driveshaft business to Pottstown, Pennsylvania-based Neapco LLC, affiliated with the China-based Wanxiang Group.
Ford says Neapco is opening a plant in Wayne County's Van Buren Township, where about 300 employees of the driveshaft unit will be offered jobs.
The United Auto Workers recently ratified a labor agreement with Neapco.
The operation is part of Automotive Components Holdings LLC, which Ford created in 2005 to manage 17 plants that Ford reacquired from a struggling Visteon Corp. as part of a bailout agreement for the supplier. Ford spun off Visteon in 2000.
Ford says officials signed a deal Wednesday to sell the Monroe-based driveshaft business to Pottstown, Pennsylvania-based Neapco LLC, affiliated with the China-based Wanxiang Group.
Ford says Neapco is opening a plant in Wayne County's Van Buren Township, where about 300 employees of the driveshaft unit will be offered jobs.
The United Auto Workers recently ratified a labor agreement with Neapco.
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