EXHIBIT 99
(FORD LOGO)
NEWS
CONTACT: Della DiPietro Eric Mitchell
313-206-2101 313-845-3302
ddipietr@ford.com emitch15@ford.com
FOR IMMEDIATE RELEASE
FORD AND VISTEON REACH DEFINITIVE AGREEMENTS ON TRANSFER OF 23 VISTEON
FACILITIES TARGETED FOR OCT. 1
- - Major step toward creation of Ford-managed, temporary business entity to be
named Automotive Components Holdings, LLC
- - New company will take ownership from Visteon of 17 plants and six offices,
research centers and other facilities.
- - Arrangement protects supply of components to Ford plants while the new
entity prepares most of the facilities for sale, allowing Ford to diversify
its supply base and expand access to components and technologies with high
quality and competitive pricing.
DEARBORN, Mich., Sept. 13, 2005 - Ford and Visteon are one step closer to the
expected transfer of 17 plants and six offices, research centers and other
facilities in the U.S. and Mexico. The transfer is expected to occur on Oct. 1.
The two companies announced today the completion of definitive agreements,
paving the way for a new, temporary, Ford-managed business entity, Automotive
Components Holdings, LLC, to take control of the businesses on Oct. 1.
Automotive Components Holdings will prepare most of the businesses for sale to
companies with the capital and expertise necessary to supply Ford with
components and technologies at competitive prices and high quality.
Go to http://media.ford.com for news releases and high-resolution photographs.
"The arrangement is a key element of Ford North America's strategy to improve
our cost structure while protecting the supply of components," said Al Ver, Ford
vice president and chief executive and chief operating officer, Automotive
Components Holdings, LLC.
"We are preparing business plans for each business to address the gaps with its
key competitors. We must move aggressively and quickly to prepare these
operations for sale to companies that can take them forward," Ver added.
The agreements include the financial arrangements previously announced by the
parties on May 25 as part of the Memorandum of Understanding, including the
support that Visteon will provide to the new entity through service contracts
and leased salaried employees.
All of the U.S. employees of Automotive Components Holdings, LLC will be leased
employees. About 5,000 Visteon salaried employees, located mostly at facilities
that will be part of the transfer, are expected to be assigned by Visteon to
work directly with the new company. In addition, about 70 Ford salaried
employees will be assigned to the company, as will about 18,000 Ford UAW hourly
employees currently working in Visteon facilities. Ford is expected to implement
5,000 buy-outs over time for Ford UAW employees to achieve efficiencies.
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Sept. 13, 2005
Go to http://media.ford.com for news releases and high-resolution photographs.
AUTOMOTIVE COMPONENTS HOLDINGS, LLC
Plants - 17
Other facilities - 6
PLANTS
Autovidrio Plant - Mexico - glass
Chesterfield Plant - Chesterfield Twp, MI - seating foam
El Jarudo Plant - Mexico - powertrain
Indianapolis Plant - Indianapolis, IN - steering components
Kansas City VRAP - Kansas City, MO - IP/lamp final assembly/sequencing
Lamosa Plants I & II - Mexico - chassis
Milan Plant - Milan, MI - powertrain
Monroe Plant - Monroe, MI - chassis
Nashville Glass Plant - Nashville, TN - glass
Rawsonville Plant - Ypsilanti, MI - powertrain & Rawsonville GTC
Saline Plant - Saline, MI - interiors
Sandusky Plant - Sandusky, OH - lighting/air induction/fuel vapor storage
Sheldon Road Plant - Plymouth, MI - climate control
Sterling Plants I & II - Sterling Heights, MI - chassis & Sterling Test Labs
Tulsa Glass Plant - Tulsa, OK - glass
Utica Plant - Shelby Twp, MI - interiors, exteriors
Ypsilanti Plant - Ypsilanti, MI - chassis
RESEARCH, TESTING AND OTHER FACILITIES
Bellevue Site - Bellevue, OH - aftermarket parts assembly & distribution
Carlite Warehouse - Lebanon, TN - glass distribution center
Commerce Park S. - Bldg D - Dearborn, MI - chassis engineering/glass lab
Glass Systems Main Office - Allen Park, MI - glass
Product Assurance Center - Dearborn, MI - R & D, testing
Technical Center-Dearborn, MI - research & product development
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September 13, 2005
Go to http://media.ford.com for news releases and high-resolution photographs.