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Automotive Components Holdings, LLC Begins Operations After Visteon Transfers 23 Facilities
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Automotive Components Holdings, LLC began operations today after assuming control of 17 plants and six other facilities in the U.S. and Mexico from Visteon Corporation.
Automotive Components Holdings a temporary business managed by Ford Motor Company is being created to protect the flow of critical parts and components in the near-term, and over time improve Ford's sourcing flexibility. Its mission is to prepare most of the acquired businesses for sale to companies with the capital and expertise to supply Ford with high-
quality components and systems at competitive prices. The formation of Automotive Components Holdings is an essential part of Ford North America's strategy to accelerate its restructuring, improve its cost structure and boost profitability.
"Given our business conditions, we believe this is the best strategy to protect the flow of parts to Ford and, longer term, to help address Ford's material costs by preparing most of these facilities for sale as efficient, high-performing business units," said Al Ver, Ford vice president and chief executive and chief operating officer, Automotive Components Holdings, LLC. "We have assembled a team of seasoned veterans with proven track records to reshape and rebuild these businesses for sale to buyers who can take them forward."
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October 3rd, 2005
Source: Prnewswire.com |
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