LONDON, Ontario (AP) — A deal is in the works that would see executives at the Nagata Automotive parts plant in London, Ontario buy the plant and keep it open.
Nagata was put on the block by its owners because of falling profits and sales.
In November, officials at the 10-year-old plant said the facility would be closed in March unless a new buyer was found.
On Thursday, four managers and the Canadian Auto Workers union forged a deal to cut costs and ultimately save more than 100 jobs.
CAW president Buzz Hargrove hails the news, saying cooperation between union and management is critical to saving manufacturing jobs.