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Boeing delivers C-17 to RAF
DETROIT, Dec. 23 (UPI) -- Ford Motor Co. of Detroit has jumped in with financial support for Visteon Corp., which it spun off from its parts division three years ago.
Ford has agreed to take back responsibility for $1.65 billion in future retiree benefits, and plans to eventually reassign up to 20,000 highly paid workers from parts plants to auto plants, the Detroit Free Press said Tuesday.
In exchange, Visteon will pay Ford $150 million and accept steeper than normal price cuts for four years. Ford also agreed to pay its bills to Visteon about 10 days earlier for two years, and provide up to $100 million to help pay for Visteon's new information-technology system.
Even though the changes to the 2000 spinoff predominantly help Visteon become more competitive with the likes of the Delphi Corp., the credit-rating agency Standard & Poor's Corp. cut Visteon's rating Monday by two notches to "junk" levels.
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