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Companies team for technologies
NEW YORK, May 11 (UPI) -- Two big U.S. auto suppliers are considering restructuring amid falling earnings and rising labor and healthcare costs.
Visteon Corp. said talks with former parent Ford Motor Co. on restructuring were "progressing," something forced on Visteon by accounting irregularities and severe cash flow problems, the Wall Street Journal reported Wednesday.
Separately, Ford said a Visteon restructuring could result in a "significant charge to earnings" and that if the two companies can't reach a deal, "Visteon may be unable to fulfill its commitments to Ford to supply parts and to reimburse us for obligations relating to Ford employees assigned to Visteon."
Meanwhile, Delphi Corp., the No. 1 U.S. auto supplier, has hired restructuring advisers to help it with various structural, financial and labor-cost problems, the newspaper said.
Delphi is predicting a loss of $200 million -- excluding restructuring charges -- this year.
Together, the two companies employ more than 250,000 people.
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