Ford and Visteon Sign Memorandum of Understanding
Ford Motor Company and Visteon Corp., Ford's largest supplier, signed a memorandum of understanding (MOU) that proposes the transfer of 24 Visteon plants and facilities in the U.S. and Mexico, as well as other associated assets, to a new, temporary business unit that will be managed by Ford, according to Automotive.com.
DEARBORN, Mich. -- Ford Motor Company and Visteon Corp., Ford's largest supplier, signed a memorandum of understanding (MOU) that proposes the transfer of 24 Visteon plants and facilities in the U.S. and Mexico, as well as other associated assets, to a new, temporary business unit that will be managed by Ford, according to Automotive.com.
Over time, Ford would prepare these operations to be sold to companies that have the expertise and capital to properly supply Ford with parts, systems and technologies competitive in price and quality. The agreement also provides warrants to Ford to purchase as much as 25 million shares of Visteon Corp. common stock, priced at $6.90 a share, and continued annual price reductions through 2008.
Ford and Visteon's MOU is subject to customary approvals and conditions, including approval from Ford-UAW hourly employees who will be affected by the proposal, and Ford and Visteon's negotiation of a definitive agreement.
The parties are looking to complete their negotiations in the third quarter, and hope to close the transaction by September 30.
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