According to a report in The Detroit News, Visteon Corp. and former parent Ford Motor Co. are exploring the formation of a new holding company that comprises the auto parts maker's weaker operations, including glass, as part of a broad restructuring of Visteon.
The new company managed and controlled by Ford would take over troubled Visteon operations such as chassis components and glass, and free the parts maker to focus on profitable lines such as climate control and interiors, according to people familiar with the talks.
Some of the ailing Visteon operations that could end up in the new limited liability company include plants in Sterling Heights, Ypsilanti, Ypsilanti Township, Milan and Monroe that employ about 9,200 workers. Visteon manufactures auto glass at its facility in Nashville, Tenn.
While Ford and Visteon work through the details of the restructuring, the companies announced a financial arrangement Thursday to keep the struggling parts maker afloat. (See glassBYTES for Friday, March 11.) Visteon has lost $2.7 billion in the past two years and has not posted an annual profit since it was spun off from Ford in 2000.
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