5th Dec 2006 07:00
Ford Motor Co04 December 2006 Contact: Media: Investment Shareholder Inquiries:Della DiPietro Community: 1.800.555.5259 or1.313.755.2432 Raj Modi(Equity) 1.313.845.85401.313.720.8095 1.313.323.8221 [email protected]@ach-llc.com [email protected] Rob Moeller (Fixed Income) 1.313.621.0881 [email protected] FORD AND VALEO SIGN MOU FOR SALE OF THE AUTOMOTIVE COMPONENTS HOLDINGS SHELDONROAD PLANT • Ford Motor Company and Valeo have signed a MOU for the sale of the Automotive Components Holdings climate control business and Sheldon Road Plant to Valeo. • This MOU is the first expected during the next several months regarding ACH's automotive component businesses. • Automotive Components Holdings was created to ensure the flow of critical components to Ford while working to significantly reduce Ford's material costs over time. PLYMOUTH, Mich., December 4, 2006 - Ford Motor Company and Valeo todayannounced a Memorandum of Understanding for Valeo's purchase of the AutomotiveComponents Holdings climate control business, including the Sheldon Road Plantin Plymouth Township, Mich. This paves the way for a Definitive Agreement andsale of the business to Valeo as soon as possible. The Sheldon Road Plant produces automotive climate control systems andcomponents for a number of Ford vehicles. It employs about 1,250 people,including salaried employees leased from Visteon and UAW hourly employees leasedfrom Ford. It is part of Automotive Components Holdings, a Ford-managedtemporary company formed in October 2005. "This is an important step for Ford's North American operations and the WayForward Acceleration Plan, especially as we seek to reduce material costs overtime," said Mark Fields, president of the Americas and Ford executive vicepresident. "This MOU follows a lot of hard work by this plant and the entire ACH team,"said Al Ver, CEO and COO, Automotive Components Holdings, and Ford vicepresident. "We have focused on preparing our businesses for sale to buyers whocan grow and invest in them." Automotive Components Holdings produces interior, climate, chassis andpowertrain components and operates 11 plants in the United States and three inMexico. "This acquisition is an important part of Valeo's strategy to be a global leaderin its core product lines," said Thierry Morin, chairman and CEO, Valeo. The final agreement is contingent upon reaching a new and competitive agreementwith the United Auto Workers. Further information related to the sale will beavailable after the sale is completed. Ford Motor Company, a global automotive industry leader based in Dearborn,Mich., manufactures or distributes automobiles in 200 markets across sixcontinents. With about 300,000 employees and more than 100 plants worldwide, thecompany's core and affiliated automotive brands include Aston Martin, Ford,Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-relatedservices include Ford Motor Credit Company. For more information regardingFord's products, please visit www.fordvehicles.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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