WILMINGTON, Del. -- Visteon Corp., which is in Chapter 11 reorganization, will continue supplying Ford Motor Co. with parts while Visteon sheds plants, according to court documents.
The deal would allow Visteon to close or transfer to new owners its money-losing factories without disrupting operations at Ford, Reuters reported.
Under the deal, which must be approved in Bankruptcy Court, Visteon would help Ford build an inventory of parts and would transfer to Ford licenses and the right to buy the tools used to make the parts. Ford would pay Visteon $8 million and help with the cost of raw materials and other items.