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DETROIT, March 14 (UPI) -- Visteon's president Monday hailed an agreement with Ford that will save the struggling U.S. auto parts supplier about $400 million in wages this year.
Ford is buying $150 million in new machinery and equipment for Visteon plants that make parts for Ford, its largest customer, and Ford will pick up about a quarter of the pay of 17,700 United Auto Workers leased to the parts giant.
Visteon has lost $3.2 billion in the 4 1/2 years since Ford spun off the parts maker as a separate company. Visteon shares jumped nearly 17 percent Friday and opened slightly higher Monday.
"This financial agreement is the right step forward with Ford and supports the operations that directly serve out largest customer," Visteon President and Chief Executive Officer Mike Johnson said in a statement Monday.
Visteon agreed not to raise prices for higher material costs at specified plants, not to close facilities at certain North American plants without Ford's approval and not to seek bankruptcy protection from creditors.
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