Visteon reaches an agreement to continue supplying Ford
By Andrew C., 30 Aug, 2010. 0 Comments
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Despite its bankrupt status, Visteon Corp. will continue to supply Ford Motor Co. with parts under an agreement, according to court documents filed last Wednesday. This agreement will permit Visteon to go ahead with its plan to close or transfer its factories to new owners without disrupting operations at Ford, its former parent and biggest customer. The documents further confirm that the deal, which would have to be approved by a bankruptcy court judge, would allow Visteon to help Ford build up an inventory of parts and transfer to Ford licenses and the right to buy tools used to make the parts. In return, Ford will give $8 million to Visteon and assist with the payment of raw materials and other costs. Plants in Lansdale, Pa.; Springfield, Ohio; and Monterrey, Mexico are covered under the deal.
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