Ford Motor Co. and Tulsa, Oklahoma-based Glass Products announced on 18 April 2007 the signing of a memorandum of understanding for the sale of Ford“s Automotive Components Holdings LLC Glass Operati…
Ford Motor Co. and Tulsa, Oklahoma-based Glass Products announced on 18 April 2007 the signing of a memorandum of understanding for the sale of Ford“s Automotive Components Holdings LLC Glass Operations. Financial terms were not disclosed. The agreement covers Glass Operations“ plants in Nashville, Tennessee., and Tulsa, Oklahoma, and its Vidriocar subsidiary in Mexico. Glass Operations supplies architectural glass, original equipment and aftermarket glass for Ford vehicles, and aftermarket glass for other vehicle models. The company, which employs about 1,600 full-time, supplied original equipment glass for about 2.7 million vehicles in 2006. Ford officials said the sale will help the company achieve its objective of reducing overall operating costs by USD 5 billion by the end of 2008. The business was part of Visteon Corp., Ford“s parts business that was spun off in 2000. But, in October 2005, Ford took back 17 plants and six other facilities and formed Automotive Components with the intent of closing or selling them. With the agreement, Ford said Automotive Components has sold one business and has signed memorandums of understanding outlining the sale of four others. The final agreement on the sale of the glass business depends on a new agreement with the United Auto Workers union, as well as state and local government incentives, Ford said.