Ford Selling Driveshaft Business

Operation is part of Automotive Components Holdings LLC, which Ford created in 2005 to manage 17 plants the automaker reacquired from a struggling Visteon Corp.

DEARBORN, Mich. (AP) β€” Ford Motor Co. says it's selling a Monroe-based operation that makes vehicle driveshafts.
 
The operation is part of Automotive Components Holdings LLC, which Ford created in 2005 to manage 17 plants that Ford reacquired from a struggling Visteon Corp. as part of a bailout agreement for the supplier. Ford spun off Visteon in 2000.
 
Ford says officials signed a deal Wednesday to sell the driveshaft business to Pottstown, Pennsylvania-based Neapco LLC, affiliated with the China-based Wanxiang Group.
 
Ford says Neapco is opening a plant in Wayne County's Van Buren Township, where about 300 employees of the driveshaft unit will be offered jobs.
 
The United Auto Workers recently ratified a labor agreement with Neapco.
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