Ford gets deal to sell climate control business
Ford is sellling a climate control business to a joint venture owned by a French auto supplier and a former member of the Detroit Pistons.
Financial terms were not disclosed.
The deal marks the last of the Dearborn, Mich.-based automaker's Automotive Components Holdings LLC businesses to be sold. Ford created ACH in 2005 when it took back 17 facilities from Visteon Corp.
The business, which is located at a Plymouth Township, Mich. Plant, is being bought by Detroit Thermal Systems LLC, a joint venture between Valeo and V. Johnson Enterprises LLC. V. Johnson Enterprises is owned by Vincent Johnson, a Detroit entrepreneur and former Detroit Pistons player, Ford said.
While the agreement is set, it remains contingent upon the approval of state and local financial incentives. The joint venture will begin moving the business' assets and operations to a new manufacturing facility in Romulus, Mich. in mid-2013, Ford said.
The business will produce climate control systems and parts for the automotive industry, including current supply agreements with the Ford Motor Co. previously held by ACH. It's ultimately expected to employ about 500 people.