From Detroit Free Press

DETROIT -- Members of the United Auto Workers (UAW) union have voted overwhelmingly in favor of a plan to restructure ailing auto supplier Visteon Corp., the union said Monday.

UAW members at 15 Visteon locations ratified the plan by an 88.7 percent majority, the UAW said.

"We strongly believe this restructuring plan is in the best interests of UAW members at Visteon, and we are gratified by their overwhelming vote in favor of the plan," UAW President Ron Gettelfinger said in a statement.

Under the plan, Visteon would spin off 13 of the 15 facilities to its former parent, Ford Motor Co., which would place them in a holding company and try to sell them. Two of the 15 plants would be reabsorbed into Ford.

Visteon and Ford announced late last month that Ford would take back 24 plants and other facilities and pay $550 million in restructuring costs to help Visteon avoid bankruptcy. Ford said it will eventually save millions of dollars on parts in return.

Ford and Visteon needed the UAW's approval for the 15 plants covered by the UAW. Around 17,400 hourly workers are employed at those plants.

Visteon shares fell 16 cents to $6.74 while Ford shares rose 4 cents to $9.94 in afternoon trading Monday on the New York Stock Exchange.

Copyright 2005 Detroit Free Press. All Rights Reserved.

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