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Companies team for technologies
DETROIT, March 11 (UPI) -- Ford Motor Co. may take over restructured operations of ailing auto parts maker Visteon Corp., which it spun off in 2000, the Detroit News said.
Visteon lost $2.7 billion over the past two years and has not been profitable in its five-year history. Ford has spent $1.6 billion to support Visteon.
The Detroit News said executives from Ford and Visteon have discussed forming a new holding company to run plants making chassis components and glass. Visteon would be freed to concentrate on profitable products like climate control and interiors.
Visteon CEO Michael Johnson said an agreement would be a right step forward.
"We are working with Visteon to ensure that commitments between us, our customers, our employees, our suppliers, and unions continue to be satisfied," Ford said in a statement.
About 17,700 hourly workers of Visteon's 80,000 employees technically remain Ford employees. Visteon reimburses Ford for their salaries.
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