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Ford Sells Former Visteon Unit to Faurecia
Ford Motor Co. has reached a definitive agreement to sell its interior trim parts plant in Saline, Mich., to Faurecia SA for an undisclosed sum.
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Ford Motor Co. has reached a definitive agreement to sell its interior trim parts plant in Saline, Mich., to Faurecia SA for an undisclosed sum. The deal is set to close on June 1.
The trim factory is one of three remaining facilities of the 17 that Ford took back from its former parts unit Visteon Corp. in 2006.
Faurecia will form a joint venture called Detroit Manufacturing Systems with Rush Group Ltd., a Wayne, Mich.-based trucking firm. Faurecia, which is based in a Paris suburb, will control 45% of DMS in exchange for its technology, manufacturing expertise and the Saline facility.
Rush Group, which is owned by Native American entrepreneur Andra Rush, will hold a 55% stake. The group's inclusion in the venture will bolster Ford's tally of minority and women-owned suppliers.
The Saline plant will focus on the unit's core business, including injection molding and foam operations. A new DMS factory in Detroit will handle injection molding and assembly of trim components.
Faurecia says the Saline operation generates $1.1 billion in annual revenue from sales of instrument panels, cockpit modules, center consoles and door panels. The unit supplies 12 Ford vehicle programs in North America.
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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