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Faurecia Buys Ford Trim Plant
Ford Motor Co. has agreed to sell its interior trim parts plant in Saline, Mich., to Faurecia SA.
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Ford Motor Co. has agreed to sell its interior trim parts plant in Saline, Mich., to Faurecia SA. Terms were not disclosed, but the companies expect to complete the sale on June 1.
The Saline plant, which generates $1.1 billion in annual revenue, is one of three remaining facilities of 17 that Ford took back from its former parts unit Visteon Corp. in 2006.
The factory will become part of a joint venture between Nanterre, France-based Faurecia and Rush Group Ltd., a trucking firm in Wayne, Mich. Faurecia will own 45% of the new venture, called Detroit Manufacturing Systems.
Rush Group, which is owned by Native American entrepreneur Andra Rush, will hold a 55% stake.
DMS will continue to make instrument panels, cockpit modules, center consoles and door panels for a dozen Ford vehicle programs in North America. The new venture also plans to open a new factory in Detroit to do plastic injection molding and trim assembly.
When the deal is completed, Ford will become Faurecia's third-largest customer after Volkswagen and PSA Peugeot Citroen. The latter owns a controlling stake in Faurecia.
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