Ford pledges millions to support Visteon

Posted on Friday, May 29th, 2009 at 2:25 PM EDT.

Ford Motor Co. has pledged millions of dollars to support bankrupt supplier Visteon Corp., and is calling on its other customers to do the same, The Detroit News reported.

Visteon’s decision to seek bankruptcy protection Thursday surprised no one in the industry, least of all Ford, the paper said. The automaker has spent months preparing for the eventual failure of its former parts subsidiary and positioning itself to have a say in Visteon’s restructuring, according to people familiar with the situation, the News reported.

But that does not mean the collapse of one of Ford’s largest suppliers is without risk for the Dearborn automaker, the paper said. Though Ford has worked to distance itself from Visteon since bailing out the Van Buren Township, Mich.-based parts manufacturer in 2005, it remains Visteon’s largest customer, 31 percent of its business, the story said. (The Detroit News)

This entry was posted on Friday, May 29th, 2009 at 2:25 PM EDT and is filed under Industry. You can follow any comments to this entry through the RSS 2.0 feed. Comments are currently closed.